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英文文献：Estimating price rigidity in vertically differentiated food product categories with private labels-评估具有自有标签的垂直差异化食品类别的价格刚性
英文文献作者：Bocionek, Milena,Anders, Sven M.,Kiesel, Kristin
英文文献摘要：
Relevance of the Topic: The rapid emergence of retail store brands, private labels (PL), over the past decades has created new and stiff competition for many established manufacturers of national grocery brands (NB). Apart from sizeable market shares in many staple food categories, retailers have successfully introduced new differentiated PL product lines to enter many higher quality segments (Dubois and Jódar-Rosell, 2010). PLs now account for 17% and 24% of the retail markets in the United States and Canada, respectively. Previous economic literature has addressed various issues and dimensions related to the competitive impact of PL including their economic significance to retail chains (Chintagunta et al. 2002), growth and development of PL product markets (Hoch and Banerji 1993), competitive interactions between PLs and NBs Cotterill et al. 2000; Bontemps et al. 2008; Karray and Herran 2009; Volpe 2010) and the use of private labels in exerting retail market power (Meza and Sudhir 2010). The economic literature has also taken great interest in retailer’s strategic use of PLs to counter the prior dominance of NB manufacturers (Richards, Hamilton and Patterson, 2010). However, the agri-food industrial organization literature has paid limited attention to the degree of price stability (rigidity) in the grocery-retailing sector given the otherwise high degree of price instability of many agricultural commodity and markets for intermediary goods. Of particular interest in this context has been the importance of the retail sales (discounting) phenomenon (Hosken and Reiffen 2001). Existing empirical studies show that many food products in retailing are characterized by relatively long periods of unchanged prices, followed by recurring periods of lower prices and after that a return to the initial level (Hosken and Reiffen 2001; Moeser 2002). Hosken, Matsa and Reiffen (2001) confirm that that within a product category the same items may be put on sale repeatedly, while others are rarely or never used in retail sales events. A number of possible triggers for price rigidity have been discussed. Differences in strategic management decisions between retail formats (Owen and Trzepacz 2002), the use of psychological pricing points (Slade 1998; Blinder et al. 1998; levy et al. 2011), and the economic literature evolving around concept of menu cost -the cost of changing retail shelf prices ((Levy et al. 1997; Owen and Trzepacz 2002). Despite the above evidence, still, empirical studies on price rigidity present in grocery retailing are underrepresented. And available evidence is mostly comprised of aggregate and largely descriptive analyses of cross-categorical data. Research Methodology: The objective of this paper to estimate the degree of price rigidity within vertically differentiated grocery-retail product categories that feature competing private labels and national brands. 1) To estimate price rigidity in categories where vertically differentiated PLs and NBs (basic, standard, premium) compete for consumer demand. The literature on retail private labels provides evidence of the increasing quality and differentiation of PLs used a strategic in the fight for market shares with established NBs in higher quality and premium product segments (e.g. organic). 2) To investigate the potential cost advantage if PLs and the impact of product-level retail margins as a determinant of price rigidity. In context of the increasing share of PLs bargaining power and PL retail margins have been discussed as potential contributors to retailer strategic pricing and promotional behavior. Available UPS-level wholesale price (price paid by the retailer) data enables us to analyze these components in the strategic uses of private labels and their potential impact on price rigidity across products and categories. 3) To test whether differences in underlying retailer management or distribution area (e.g. regional store management division), store size and configuration (e.g. store-storage area ratio), and store location (e.g. rural, urban, suburban) have an impact on price rigidity across vertically differentiated PLs and NBs. The analysis is based on a set of weekly store-level scanner data for a major North American retail chain with stores in the United States and Canada. Our data structure closely resembles the data set used by Eichenbaum, Jaimovich, and Rebelo (AER 2011) who assess the importance of nominal rigidities for retail pricing. The data is made available through the SIEPR-Giannini Data Center and covers 2004-2007 product-level sales in 200 UPC product categories for approximately 2,200 and 250 stores in the U.S. and Canada, respectively. Two case studies, salad dressing and packaged slide bacon, were chosen with regards to the paper’s focus of estimating rigidity among and between vertically differentiated PLs and NBs. The methodological framework is twofold. A regression approach used to explain price rigidity extends extents previous work by Herrmann et al. (2009) and Weber (2009). A second probabilistic model is used to estimate the probability of a price adjustment building on Kano’s (2007) paper. Potential for generating discussion during the meeting Our detailed case-study analysis of retail price rigidity and focus on vertically differentiated food–product categories reveals a number of interesting findings that go beyond existing research. Overall, our regression results indicate that retail price changes in both categories are not fully explained by retail sales and price jumps. We find some evidence of strategic retail behavior that deviates from the common ‘Hi-Lo’ retail price setting, where sales prices are followed by pre-promotion price levels. The results further reveal that price rigidity decreases as the share of discounts relative to the number of price observations increases. With sales increasing by 1%, price rigidity decreases by 0.5 %. We confirm the same qualitative effects for wholesale price adjustments on price rigidity. If the share of price wholesale price changes increases by 1%, price rigidity decreases by 0.035 %. Our results largely confirm previous results and offer several new contributions on the effect of wholesale price adjustments on retail price rigidity.
评估具有自有标签的垂直差异化食品类别的价格刚性。主题的相关性:在过去的几十年里，零售商店品牌、自有品牌(PL)的迅速出现，给许多国家杂货品牌(NB)的老牌制造商带来了新的和激烈的竞争。除了在许多主食类别中占有相当大的市场份额外，零售商还成功地引入了新的差异化PL产品线，以进入许多更高质量的细分市场(Dubois和joda - rosell, 2010)。目前，在美国和加拿大，零售市场的零售份额分别为17%和24%。之前的经济文献已经讨论了与PL竞争影响相关的各种问题和维度，包括它们对零售连锁店的经济意义(Chintagunta等人，2002年)、PL产品市场的增长和发展(Hoch和Banerji 1993年)、PLs和NBs Cotterill等人之间的竞争互动;Bontemps等，2008;Karray和Herran 2009年;以及利用自有品牌发挥零售市场影响力(Meza和Sudhir, 2010)。经济文献也对零售商战略性地使用PLs来对抗NB制造商的优势优势产生了极大的兴趣(Richards, Hamilton and Patterson, 2010)。然而，农业食品工业组织文献对食品零售部门的价格稳定程度(刚性)关注有限，因为许多农产品和中间产品市场的价格不稳定程度很高。在这一背景下，特别令人感兴趣的是零售销售(折扣)现象的重要性(Hosken和Reiffen, 2001)。现有的实证研究表明，许多零售食品的特点是价格相对较长一段时间不变，然后再出现较低的价格周期，之后又回到初始水平(Hosken and Reiffen 2001;西红柿2002)。Hosken, Matsa和Reiffen(2001)证实，在一个产品类别中，相同的产品可能会被反复出售，而其他产品很少或从未在零售活动中使用。已经讨论了一些可能导致价格刚性的因素。零售模式之间战略管理决策的差异(Owen和Trzepacz, 2002)，心理定价点的使用(Slade, 1998;Blinder等，1998;以及围绕菜单成本(改变零售货架价格的成本)概念展开的经济文献(levy et al. 2011)。欧文和Trzepacz 2002)。尽管有上述证据，但对食品零售中价格刚性的实证研究仍然不足。而可用的证据大多是由交叉分类数据的聚集性和描述性分析组成的。研究方法:本文的目的是估计以竞争自有品牌和国家品牌为特征的垂直差异化杂货店零售产品类别内的价格刚性程度。1)评估在纵向差异化的PLs和NBs(基本、标准、溢价)竞争消费者需求的类别中的价格刚性。关于零售自有品牌的文献提供了证据，证明PLs在与高质量和优质产品(如有机产品)领域的既定国家统计局争夺市场份额时，使用了一种战略，以提高质量和差异化。2)研究PLs条件下潜在的成本优势以及作为价格刚性决定因素的产品级零售利润的影响。在PLs讨价还价能力和PL零售利润份额不断增加的背景下，已被讨论为零售商战略定价和促销行为的潜在贡献者。现有的uplevel批发价格(零售商支付的价格)数据使我们能够分析自有品牌在战略使用中的这些成分，以及它们对跨产品和类别的价格刚性的潜在影响。3)检验是否存在潜在差异
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