Advertising And Market Structure
Advertising And Market Structure
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The analysis above suggests as a rough generalization that in order for this to be true, the value of e in (4) must exceed the value in (1). That is, speaking loosely, market shares must be more sensi- tive to price differences than to differences in advertising outlays. While this may indeed describe many markets, if consumers' brand choices in some particular market are strongly affected by advertising and only weakly affected by price, these models lead one to expect that price competition w...ill be "softer" in that market than advertising competition. (If e is absolutely small for both price and advertising, of course, neither form of rivalry will effectively eliminate excess profits. ) Let us now turn to the second of the general issues raised above: the relation between scale economies in advertising and overall advantages of size. Even though Bain (1956, pp. 117-20) discussed this relation over a quarter-century ago, the first satisfactory formal analysis was only re- cently provided by Spence (1980).
What to read after Advertising And Market Structure?
You can find similar books in the "Read Also" column, or choose other free books by Richard Schmalensee to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The analysis above suggests as a rough generalization that in order for this to be true, the value of e in (4) must exceed the value in (1). That is, speaking loosely, market shares must be more sensi- tive to price differences than to differences in advertising outlays. While this may indeed describe many markets, if consumers' brand choices in some particular market are strongly affected by advertising and only weakly affected by price, these models lead one to expect that price competition w...ill be "softer" in that market than advertising competition. (If e is absolutely small for both price and advertising, of course, neither form of rivalry will effectively eliminate excess profits. ) Let us now turn to the second of the general issues raised above: the relation between scale economies in advertising and overall advantages of size. Even though Bain (1956, pp. 117-20) discussed this relation over a quarter-century ago, the first satisfactory formal analysis was only re- cently provided by Spence (1980).
What to read after Advertising And Market Structure?
You can find similar books in the "Read Also" column, or choose other free books by Richard Schmalensee to read onlineMoreLess
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