wendell journal fever 01

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Journal FeverSeason #1

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1. A Reference Price Theory of the Endowment Effect

2. The Effects of Traditional and Social Earned Media on Sales: A Study of a Micro-lending

Marketplace

3. When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The Impact

of Comparative Evaluation

A Reference Price Theory of the Endowment Effect

Journal: JMR, Journal of Marketing ResearchTime: 2012 OctoberAuthor: Ray Weaver (Assistant Professor of Business Administration, Harvard

Business School, Harvard University) Shane Frederick (Professor of Marketing, Yale School of Management,

Yale University)

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a. You have a nice watch, now you’re asked to sell the watch, how much you would like to sell?

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b. You need a nice watch, how much would you like to pay ?

GAP

Research Story & Background Theory :

Sell as high as possible

Buy as low as possible


a. You have a nice watch, now you’re asked to sell the watch, how much you would like to sell?

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Sell as high as possible

1. Kahneman and Tversky(1979): loss aversion2. Thaler (1980) terms this disparity the "endowment effect"3. Horowitz and McConnell(2002) report that selling prices

are nearly three times higher than buying prices4. A lot of endowment effect and reference price researches

have been conducted.


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What’s new in this paper?

consumers evaluate potential trades with respect to their current holdings, and selling prices exceed buying prices because owners of a good regard its potential loss as more significant than non-owners regard its potential acquisition.

Reference Price

Endowment Effect

we believe that this is the first study to test a referenceprice account against other prevailing theories.

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A Reference Price Theory of the

Endowment Effect

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Result:Manipulations that reduce the gap between valuations and reference prices tend to reduce or eliminate the endowment effect.

Method: 6 main experiments & 8 additional tests

Comment:All these examples reflect a reluctance to trade on terms that are unfavorable in comparison with a reference price as much as they reflect a reluctance to part with endowments.

Misson Clear

The Effects of Traditional and Social Earned Media on Sales: A Study of a Micro-lending

Marketplace

Journal: JMR, Journal of Marketing ResearchTime: 2012 OctoberAuthor: Andrew T. Stephen (Assistant Professor of Business administration and

Katz Fellow in Marketing, Joseph M. Katz Graduate School of Business, University of Pittsburgh)

Jeff Galak (Assistant Professor of Marketing, Tepper School of Business, Carnegie Mellon University)

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Marketing Theory


The Effects of Traditional and Social Earned Media on Sales: A Study of a Micro-lending

Marketplace

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Over the past decade, the media landscape has dramatically changed….

Social Media Outlet (SMO)

Traditional Media Outlet(TMO)

Paid Media

Owned Media

Earned Media?

Technology

Marketers have adopted a typology for offline and online media activity that falls into three categories: paid media, owned media, and earned media (Corcoran 2009; Goodall 2009)

Bemoff, Pfiaum, and Bowen (2008)

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The Effects of Traditional and Social Earned Media on Sales: A

Study of a Micro-lending Marketplace

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Result:In terms of long-term sales elasticity , SMOs have much more impact than TMOs, but TMOs have greater influence on sales in the short-term

Method: Zero-Inflated Multivariate Autoregressive Double Poisson Model

Comment:The smaller influence of TMOs on sales may be due to their low target ability of high-involvement people and their incompatibility with niche topics.

Misson Clear

When High-Similarity Copycats Lose and Moderate-Similarity Copycats Gain: The

Impact of Comparative Evaluation

Journal: JMR, Journal of Marketing ResearchTime: 2012 FebruaryAuthor: Femke van Horen (Postdoctoral researcher, Social Psychology

Department, University of Cologne) Rik Pieters (Professor of Marketing, Marketing Department, and Fellow at

the Tilburg Institute of Behavioral and Economics Research (TIBER), Tilburg University)

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Research Story & Background Theory : CopycatsScott-Morton and Zettelmeyer (2004):…half the store brands imitated a leader brand package at least in color, size, and shape



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…too many stories about Leader Brand versus Copycats

…what about Copycats versus Copycats ?

Moderate-similarity Copycats

High-similarity Copycats



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Copycats Evaluation: Experiments

Social Cognition Theory: Accessible information can cause assimilative or contrastive effect on the evaluation of target (here, the copycat)

Moderate-similarity Copycats

High-similarity Copycats

Leading Brands

Shopping environment with Leading BrandsShopping environment without Leading Brands



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Define the degree of similarity: A Pretest

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Result: 1. In the leader brand absent condition, high-similarity brand

will be evaluated more positively than the low- and moderate-similarity brands.

2. In the leader brand present condition, moderate brand will be evaluated more positively.

3. When evaluation is comparative, high-similarity copycats are evaluated more negatively, rather than more positively.

Comment: This research provides evidence that subtler, moderate-similaritycopycats can be more threatening than blatant, high-similarity ones.

Misson Clear



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Thanks for attention!