Forecast information and traditional retailer performance in a dual-channel competitive market
Independent firms in a dual-channel competitive market are expected to have their own information about the nature of the market. In this research, we develop a game-theoretic model to examine the value of forecast information about consumers' willingness to pay. The model is based on a simulta...
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Published in | Journal of business research Vol. 63; no. 1; pp. 77 - 83 |
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Main Authors | , |
Format | Journal Article |
Language | English |
Published |
New York
Elsevier Inc
2010
Elsevier Elsevier Sequoia S.A |
Series | Journal of Business Research |
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Abstract | Independent firms in a dual-channel competitive market are expected to have their own information about the nature of the market. In this research, we develop a game-theoretic model to examine the value of forecast information about consumers' willingness to pay. The model is based on a simultaneously played Bertrand game. Our results indicate that the profits of online as well as traditional retailers always increase with forecast accuracy, and that forecast accuracy has a greater effect on the performance of the traditional retailer than on that of the online retailer. Our results also show that the difference in profit between that of the traditional retailer and the online retailer increases with forecast accuracy. In addition we find that forecast accuracy is much more valuable to the traditional retailer when there is an increasing volatility in the market, an increasing level of consumer valuation of the product, and an increasing intensity in market competition. Based on our results, we derive optimal market strategies and identify directions of future research. |
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AbstractList | Independent firms in a dual-channel competitive market are expected to have their own information about the nature of the market. In this research, we develop a game-theoretic model to examine the value of forecast information about consumers' willingness to pay. The model is based on a simultaneously played Bertrand game. Our results indicate that the profits of online as well as traditional retailers always increase with forecast accuracy, and that forecast accuracy has a greater effect on the performance of the traditional retailer than on that of the online retailer. Our results also show that the difference in profit between that of the traditional retailer and the online retailer increases with forecast accuracy. In addition we find that forecast accuracy is much more valuable to the traditional retailer when there is an increasing volatility in the market, an increasing level of consumer valuation of the product, and an increasing intensity in market competition. Based on our results, we derive optimal market strategies and identify directions of future research. All rights reserved, Elsevier Independent firms in a dual-channel competitive market are expected to have their own information about the nature of the market. In this research, we develop a game-theoretic model to examine the value of forecast information about consumers' willingness to pay. The model is based on a simultaneously played Bertrand game. Our results indicate that the profits of online as well as traditional retailers always increase with forecast accuracy, and that forecast accuracy has a greater effect on the performance of the traditional retailer than on that of the online retailer. Our results also show that the difference in profit between that of the traditional retailer and the online retailer increases with forecast accuracy. In addition we find that forecast accuracy is much more valuable to the traditional retailer when there is an increasing volatility in the market, an increasing level of consumer valuation of the product, and an increasing intensity in market competition. Based on our results, we derive optimal market strategies and identify directions of future research. Independent firms in a dual-channel competitive market are expected to have their own information about the nature of the market. In this research, we develop a game-theoretic model to examine the value of forecast information about consumers' willingness to pay. The model is based on a simultaneously played Bertrand game. Our results indicate that the profits of online as well as traditional retailers always increase with forecast accuracy, and that forecast accuracy has a greater effect on the performance of the traditional retailer than on that of the online retailer. Our results also show that the difference in profit between that of the traditional retailer and the online retailer increases with forecast accuracy. In addition we find that forecast accuracy is much more valuable to the traditional retailer when there is an increasing volatility in the market, an increasing level of consumer valuation of the product, and an increasing intensity in market competition. Based on our results, we derive optimal market strategies and identify directions of future research. [PUBLICATION ABSTRACT] |
Author | Ghose, Sanjoy Yan, Ruiliang |
Author_xml | – sequence: 1 givenname: Ruiliang surname: Yan fullname: Yan, Ruiliang email: yanr@iun.edu organization: School of Business and Economics, Indiana University Northwest, Gary, IN 46408, United States – sequence: 2 givenname: Sanjoy surname: Ghose fullname: Ghose, Sanjoy email: sanjoy@uwm.edu organization: Lubar School of Business, University of Wisconsin, Milwaukee, Milwaukee, WI 53201, United States |
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SubjectTerms | Accuracy Bertrand competition game Channel competition Competition Competitiveness Economic performance Forecast information Forecast information Channel competition Uncertainty modeling Bertrand competition game Marketing research Forecasts Game theory Information economics Market strategy Marketing research Retail trade Retailing Studies Uncertainty modeling Willingness to pay |
Title | Forecast information and traditional retailer performance in a dual-channel competitive market |
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