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| Weaver, Robert D.; Chin, Ming-Chin. |
| This paper reconsiders the impacts of generic advertising on commodity prices that may be induced through demand effects. Rather than considering a simple demand shift, we consider the possibility that advertising leads to a change in the curvature of the demand curve. In this case, generic advertising is shown to affect both the level of market prices as well as their volatility. Based on parametric tests, we find that the demand elasticity appears to be affected by the intensity of generic advertising. In addition, we find evidence that generic advertising affects the curvature of the demand curve. We examine the implications of these findings for the price of beef. Our results are consistent with the hypothesis that generic advertising enhances... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2002 |
URL: http://purl.umn.edu/19822 |
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| Chin, Ming-Chin; Weaver, Robert D.. |
| Theoretical and simulation results clarify the role of forward procurement contracting as a determinant of spot price levels and volatility. A stylized model determines market share across quality when procurers forward contract to manage quality risk. Actual supply is specified as price dependent and stochastic. Simulation examines sensitivity of spot price level and volatility to extent of forward contracting, risk aversion, and ability to adjust spot market demand (recontracting). The results show that as forward contracting increases mean spot price decreases and variance increases. This effect increases as risk aversion decreases and as the extent of recontracting adjustment in spot demand decreases. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risk and Uncertainty. |
| Ano: 2002 |
URL: http://purl.umn.edu/24790 |
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| Chin, Ming-Chin; Weaver, Robert D.. |
| Theoretical and simulation results clarify the role of procurement contracting in determining spot price levels and volatility. A generic model determines market share across quality. Actual supply is specified as price dependent and stochastic. Simulation examines the sensitivity of price level and volatility to extent of forward contracting, risk aversion, and ability to adjust spot market demand (recontracting). The results show that as forward contracting increases mean spot price decreases and variance increases. This effect increases as risk aversion decreases and as extent of recontracting adjustment in spot demand decreases. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Marketing. |
| Ano: 2002 |
URL: http://purl.umn.edu/19052 |
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