Dépouillements

Group buying / Xiaoqing Jing in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1354-1372 Titre : Group buying : A new mechanism for selling through social interactions Type de document : texte imprimé Auteurs : Xiaoqing Jing, Auteur ; Jinhong Xie, Auteur Année de publication : 2011 Article en page(s) : pp. 1354-1372 Note générale : Management Langues : Anglais (eng) Mots-clés : Group  buying  Word  of  mouth  Interpersonal  information  sharing  Referral  rewards  programs  Pricing  Social  interaction  Marketing  Internet Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper examines a unique selling strategy, Group Buying, under which consumers enjoy a discounted group price if they are willing and able to achieve a required group size and coordinate their transaction time. We argue that Group Buying allows a seller to gain from facilitating consumer social interaction, i.e., using a group discount to motivate informed customers to work as “sales agents” to acquire less-informed customers through interpersonal information/knowledge sharing. We formally model such an information-sharing effect and examine if and when Group Buying is more profitable than (1) traditional individual-selling strategies, and (2) another popular social interaction scheme, Referral Rewards programs. We show that Group Buying dominates traditional individual-selling strategies when the information/knowledge gap between expert and novice consumers is neither too high nor too low (e.g., for products in the midstage of their life cycle) and when interpersonal information sharing is very efficient (e.g., in cultures that emphasize trust and group conformity, or when implemented through existing online social networks). We also show that, unlike Referral Rewards programs, Group Buying requires information sharing before any transaction takes place, thereby increasing the scale of social interaction but also incurring a higher cost. As a result, Group Buying is optimal when interpersonal communication is very efficient or when the product valuation of the less-informed consumer segment is high. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] Group buying : A new mechanism for selling through social interactions [texte imprimé] / Xiaoqing Jing, Auteur ; Jinhong Xie, Auteur . - 2011 . - pp. 1354-1372. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1354-1372 Mots-clés : Group  buying  Word  of  mouth  Interpersonal  information  sharing  Referral  rewards  programs  Pricing  Social  interaction  Marketing  Internet Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper examines a unique selling strategy, Group Buying, under which consumers enjoy a discounted group price if they are willing and able to achieve a required group size and coordinate their transaction time. We argue that Group Buying allows a seller to gain from facilitating consumer social interaction, i.e., using a group discount to motivate informed customers to work as “sales agents” to acquire less-informed customers through interpersonal information/knowledge sharing. We formally model such an information-sharing effect and examine if and when Group Buying is more profitable than (1) traditional individual-selling strategies, and (2) another popular social interaction scheme, Referral Rewards programs. We show that Group Buying dominates traditional individual-selling strategies when the information/knowledge gap between expert and novice consumers is neither too high nor too low (e.g., for products in the midstage of their life cycle) and when interpersonal information sharing is very efficient (e.g., in cultures that emphasize trust and group conformity, or when implemented through existing online social networks). We also show that, unlike Referral Rewards programs, Group Buying requires information sharing before any transaction takes place, thereby increasing the scale of social interaction but also incurring a higher cost. As a result, Group Buying is optimal when interpersonal communication is very efficient or when the product valuation of the less-informed consumer segment is high. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

Goodbye pareto principle, hello long tail / Erik Brynjolfsson in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1373-1386 Titre : Goodbye pareto principle, hello long tail : The effect of search costs on the concentration of product sales Type de document : texte imprimé Auteurs : Erik Brynjolfsson, Auteur ; Yu (Jeffrey) Hu, Auteur ; Duncan Simester, Auteur Année de publication : 2011 Article en page(s) : pp. 1373-1386 Note générale : Management Langues : Anglais (eng) Mots-clés : Long  tail  Search  cost  Product  variety  Concentration  Product  sales  Internet  Electronic  commerce Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Many markets have historically been dominated by a small number of best-selling products. The Pareto principle, also known as the 80/20 rule, describes this common pattern of sales concentration. However, information technology in general and Internet markets in particular have the potential to substantially increase the collective share of niche products, thereby creating a longer tail in the distribution of sales. This paper investigates the Internet's “long tail” phenomenon. By analyzing data collected from a multichannel retailer, it provides empirical evidence that the Internet channel exhibits a significantly less concentrated sales distribution when compared with traditional channels. Previous explanations for this result have focused on differences in product availability between channels. However, we demonstrate that the result survives even when the Internet and traditional channels share exactly the same product availability and prices. Instead, we find that consumers' usage of Internet search and discovery tools, such as recommendation engines, are associated with an increase the share of niche products. We conclude that the Internet's long tail is not solely due to the increase in product selection but may also partly reflect lower search costs on the Internet. If the relationships we uncover persist, the underlying trends in technology portend an ongoing shift in the distribution of product sales. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] Goodbye pareto principle, hello long tail : The effect of search costs on the concentration of product sales [texte imprimé] / Erik Brynjolfsson, Auteur ; Yu (Jeffrey) Hu, Auteur ; Duncan Simester, Auteur . - 2011 . - pp. 1373-1386. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1373-1386 Mots-clés : Long  tail  Search  cost  Product  variety  Concentration  Product  sales  Internet  Electronic  commerce Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Many markets have historically been dominated by a small number of best-selling products. The Pareto principle, also known as the 80/20 rule, describes this common pattern of sales concentration. However, information technology in general and Internet markets in particular have the potential to substantially increase the collective share of niche products, thereby creating a longer tail in the distribution of sales. This paper investigates the Internet's “long tail” phenomenon. By analyzing data collected from a multichannel retailer, it provides empirical evidence that the Internet channel exhibits a significantly less concentrated sales distribution when compared with traditional channels. Previous explanations for this result have focused on differences in product availability between channels. However, we demonstrate that the result survives even when the Internet and traditional channels share exactly the same product availability and prices. Instead, we find that consumers' usage of Internet search and discovery tools, such as recommendation engines, are associated with an increase the share of niche products. We conclude that the Internet's long tail is not solely due to the increase in product selection but may also partly reflect lower search costs on the Internet. If the relationships we uncover persist, the underlying trends in technology portend an ongoing shift in the distribution of product sales. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

Systemic risk / Kay Giesecke in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1387-1405 Titre : Systemic risk : What defaults are telling us Type de document : texte imprimé Auteurs : Kay Giesecke, Auteur ; Baeho Kim, Auteur Année de publication : 2011 Article en page(s) : pp. 1387-1405 Note générale : Management Langues : Anglais (eng) Mots-clés : Banks  Financial  system  Correlated  failure  Systemic  risk Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops dynamic measures of the systemic risk of the financial sector as a whole. It defines systemic risk as the conditional probability of failure of a sufficiently large fraction of the total population of financial institutions. This definition recognizes that the cause of systemic distress is the correlated failure of institutions to meet obligations to creditors, customers, and trading partners. The likelihood estimators of the failure probability are based on a dynamic hazard model of correlated failure timing that captures the influence on failure timing of time-varying macroeconomic and sector-specific risk factors, and of spillover effects. Tests indicate that our measures provide accurate out-of-sample forecasts of the term structure of systemic risk in the United States for the period from 1998 to 2009. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] Systemic risk : What defaults are telling us [texte imprimé] / Kay Giesecke, Auteur ; Baeho Kim, Auteur . - 2011 . - pp. 1387-1405. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1387-1405 Mots-clés : Banks  Financial  system  Correlated  failure  Systemic  risk Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper develops dynamic measures of the systemic risk of the financial sector as a whole. It defines systemic risk as the conditional probability of failure of a sufficiently large fraction of the total population of financial institutions. This definition recognizes that the cause of systemic distress is the correlated failure of institutions to meet obligations to creditors, customers, and trading partners. The likelihood estimators of the failure probability are based on a dynamic hazard model of correlated failure timing that captures the influence on failure timing of time-varying macroeconomic and sector-specific risk factors, and of spillover effects. Tests indicate that our measures provide accurate out-of-sample forecasts of the term structure of systemic risk in the United States for the period from 1998 to 2009. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

A generalized measure of riskiness / Turan G. Bali in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1406-1423 Titre : A generalized measure of riskiness Type de document : texte imprimé Auteurs : Turan G. Bali, Auteur ; Nusret Cakici, Auteur ; Fousseni Chabi-Yo, Auteur Année de publication : 2011 Article en page(s) : pp. 1406-1423 Note générale : Management Langues : Anglais (eng) Mots-clés : Riskiness  Economic  index  of  riskiness  Operational  measure  of  riskiness  Risk-neutral  measures  Stock  returns Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper proposes a generalized measure of riskiness that nests the original measures pioneered by Aumann and Serrano (Aumann, R. J., R. Serrano. 2008. An economic index of riskiness. J. Political Econom. 116(5) 810–836) and Foster and Hart (Foster, D. P., S. Hart. 2009. An operational measure of riskiness. J. Political Econom. 117(5) 785–814). The paper introduces the generalized options' implied measure of riskiness based on the risk-neutral return distribution of financial securities. It also provides asset allocation implications and shows that the forward-looking measures of riskiness successfully predict the cross section of 1-, 3-, 6-, and 12-month-ahead risk-adjusted returns of individual stocks. The empirical results indicate that the generalized measure of riskiness is able to rank equity portfolios based on their expected returns per unit of risk and hence yields a more efficient strategy for maximizing expected return of the portfolio while minimizing its risk. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] A generalized measure of riskiness [texte imprimé] / Turan G. Bali, Auteur ; Nusret Cakici, Auteur ; Fousseni Chabi-Yo, Auteur . - 2011 . - pp. 1406-1423. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1406-1423 Mots-clés : Riskiness  Economic  index  of  riskiness  Operational  measure  of  riskiness  Risk-neutral  measures  Stock  returns Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper proposes a generalized measure of riskiness that nests the original measures pioneered by Aumann and Serrano (Aumann, R. J., R. Serrano. 2008. An economic index of riskiness. J. Political Econom. 116(5) 810–836) and Foster and Hart (Foster, D. P., S. Hart. 2009. An operational measure of riskiness. J. Political Econom. 117(5) 785–814). The paper introduces the generalized options' implied measure of riskiness based on the risk-neutral return distribution of financial securities. It also provides asset allocation implications and shows that the forward-looking measures of riskiness successfully predict the cross section of 1-, 3-, 6-, and 12-month-ahead risk-adjusted returns of individual stocks. The empirical results indicate that the generalized measure of riskiness is able to rank equity portfolios based on their expected returns per unit of risk and hence yields a more efficient strategy for maximizing expected return of the portfolio while minimizing its risk. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

The benefits of aggregate performance metrics in the presence of career concerns / Anil Arya in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1424-1437 Titre : The benefits of aggregate performance metrics in the presence of career concerns Type de document : texte imprimé Auteurs : Anil Arya, Auteur ; Brian Mittendorf, Auteur Année de publication : 2011 Article en page(s) : pp. 1424-1437 Note générale : Management Langues : Anglais (eng) Mots-clés : Aggregation  Career  concerns  Group  performance  measures Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper considers the desirability of aggregate performance measures in light of the fact that many individuals' performance incentives are driven by a desire to shape external perceptions (and thus future pay). In contrast to the case of explicit incentive contracts, we find that when individuals' actions are driven by career incentives, an aggregate measure (e.g., group or team output) can sometimes alleviate moral hazard concerns and improve efficiency. Aggregation intermingles performance measures that may be differentially affected by skill and effort of many agents. When such entanglement increases the prospect that the external market will attribute an employee's effort-driven contribution to transferable skills, the employee exerts higher effort as a means of posturing to the market. The incentive benefit of aggregation is weighed against the incentive cost because of information loss. Information loss from aggregation can reduce the market's reliance on the measure and thus diminish agents' desire to undertake effort to influence the measure. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] The benefits of aggregate performance metrics in the presence of career concerns [texte imprimé] / Anil Arya, Auteur ; Brian Mittendorf, Auteur . - 2011 . - pp. 1424-1437. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1424-1437 Mots-clés : Aggregation  Career  concerns  Group  performance  measures Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper considers the desirability of aggregate performance measures in light of the fact that many individuals' performance incentives are driven by a desire to shape external perceptions (and thus future pay). In contrast to the case of explicit incentive contracts, we find that when individuals' actions are driven by career incentives, an aggregate measure (e.g., group or team output) can sometimes alleviate moral hazard concerns and improve efficiency. Aggregation intermingles performance measures that may be differentially affected by skill and effort of many agents. When such entanglement increases the prospect that the external market will attribute an employee's effort-driven contribution to transferable skills, the employee exerts higher effort as a means of posturing to the market. The incentive benefit of aggregation is weighed against the incentive cost because of information loss. Information loss from aggregation can reduce the market's reliance on the measure and thus diminish agents' desire to undertake effort to influence the measure. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

Hedging and vertical integration in electricity markets / René Aïd in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1438-1452 Titre : Hedging and vertical integration in electricity markets Type de document : texte imprimé Auteurs : René Aïd, Auteur ; Gilles Chemla, Auteur ; Arnaud Porchet, Auteur Année de publication : 2011 Article en page(s) : pp. 1438-1452 Note générale : Management Langues : Anglais (eng) Mots-clés : Corporate  finance  Industries  Electric–electronic  Financial  institutions  Markets  Asset  pricing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical integration in electricity markets. We develop an equilibrium model with producers, retailers, and traders to study and quantify the impact of forward markets and vertical integration on prices, risk premia, and retail market shares. We point out that forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both reduce the retail price and increase retail market shares. We show that they differ in their impact on prices and firms' utility because of the asymmetry between production and retail segments. Vertical integration restores the symmetry between producers' and retailers' exposure to demand risk, whereas linear forward contracts do not. Vertical integration is superior to forward hedging when retailers are highly risk averse. We illustrate our analysis with data from the French electricity market. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] Hedging and vertical integration in electricity markets [texte imprimé] / René Aïd, Auteur ; Gilles Chemla, Auteur ; Arnaud Porchet, Auteur . - 2011 . - pp. 1438-1452. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1438-1452 Mots-clés : Corporate  finance  Industries  Electric–electronic  Financial  institutions  Markets  Asset  pricing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : This paper analyzes the interactions between competitive (wholesale) spot, retail, and forward markets and vertical integration in electricity markets. We develop an equilibrium model with producers, retailers, and traders to study and quantify the impact of forward markets and vertical integration on prices, risk premia, and retail market shares. We point out that forward hedging and vertical integration are two separate mechanisms for demand and spot price risk diversification that both reduce the retail price and increase retail market shares. We show that they differ in their impact on prices and firms' utility because of the asymmetry between production and retail segments. Vertical integration restores the symmetry between producers' and retailers' exposure to demand risk, whereas linear forward contracts do not. Vertical integration is superior to forward hedging when retailers are highly risk averse. We illustrate our analysis with data from the French electricity market. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

Risk-neutral models for emission allowance prices and option valuation / René Carmona in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1453-1468 Titre : Risk-neutral models for emission allowance prices and option valuation Type de document : texte imprimé Auteurs : René Carmona, Auteur ; Juri Hinz, Auteur Année de publication : 2011 Article en page(s) : pp. 1453-1468 Note générale : Management Langues : Anglais (eng) Mots-clés : Emission  derivatives  Emissions  markets  Cap-and-trade  schemes  Environmental  finance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The existence of mandatory emission trading schemes in Europe and the United States, and the increased liquidity of trading on futures contracts on CO2 emissions allowances, led naturally to the next step in the development of these markets: These futures contracts are now used as underliers for a vibrant derivative market. In this paper, we give a rigorous analysis of a simple risk-neutral reduced-form model for allowance futures prices, demonstrate its calibration to historical data, and show how to price European call options written on these contracts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] Risk-neutral models for emission allowance prices and option valuation [texte imprimé] / René Carmona, Auteur ; Juri Hinz, Auteur . - 2011 . - pp. 1453-1468. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1453-1468 Mots-clés : Emission  derivatives  Emissions  markets  Cap-and-trade  schemes  Environmental  finance Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : The existence of mandatory emission trading schemes in Europe and the United States, and the increased liquidity of trading on futures contracts on CO2 emissions allowances, led naturally to the next step in the development of these markets: These futures contracts are now used as underliers for a vibrant derivative market. In this paper, we give a rigorous analysis of a simple risk-neutral reduced-form model for allowance futures prices, demonstrate its calibration to historical data, and show how to price European call options written on these contracts. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

CEO overconfidence and innovation / Alberto Galasso in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1469-1484 Titre : CEO overconfidence and innovation Type de document : texte imprimé Auteurs : Alberto Galasso, Auteur ; Timothy S. Simcoe, Auteur Année de publication : 2011 Article en page(s) : pp. 1469-1484 Note générale : Management Langues : Anglais (eng) Mots-clés : Innovation  R&D  CEO  overconfidence  Managerial  biases Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Are the attitudes and beliefs of chief executive officers (CEOs) linked to their firms' innovative performance? This paper uses a measure of overconfidence, based on CEO stock-option exercise, to study the relationship between a CEO's “revealed beliefs” about future performance and standard measures of corporate innovation. We begin by developing a career concern model where CEOs innovate to provide evidence of their ability. The model predicts that overconfident CEOs, who underestimate the probability of failure, are more likely to pursue innovation, and that this effect is larger in more competitive industries. We test these predictions on a panel of large publicly traded firms for the years from 1980 to 1994. We find a robust positive association between overconfidence and citation-weighted patent counts in both cross-sectional and fixed-effect models. This effect is larger in more competitive industries. Our results suggest that overconfident CEOs are more likely to take their firms in a new technological direction. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] CEO overconfidence and innovation [texte imprimé] / Alberto Galasso, Auteur ; Timothy S. Simcoe, Auteur . - 2011 . - pp. 1469-1484. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1469-1484 Mots-clés : Innovation  R&D  CEO  overconfidence  Managerial  biases Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Are the attitudes and beliefs of chief executive officers (CEOs) linked to their firms' innovative performance? This paper uses a measure of overconfidence, based on CEO stock-option exercise, to study the relationship between a CEO's “revealed beliefs” about future performance and standard measures of corporate innovation. We begin by developing a career concern model where CEOs innovate to provide evidence of their ability. The model predicts that overconfident CEOs, who underestimate the probability of failure, are more likely to pursue innovation, and that this effect is larger in more competitive industries. We test these predictions on a panel of large publicly traded firms for the years from 1980 to 1994. We find a robust positive association between overconfidence and citation-weighted patent counts in both cross-sectional and fixed-effect models. This effect is larger in more competitive industries. Our results suggest that overconfident CEOs are more likely to take their firms in a new technological direction. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

Deriving the pricing power of product features by mining consumer reviews / Nikolay Archak in Management science, Vol. 57 N° 8 (Août 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1485-1509 Titre : Deriving the pricing power of product features by mining consumer reviews Type de document : texte imprimé Auteurs : Nikolay Archak, Auteur ; Anindya Ghose, Auteur ; Panagiotis G. Ipeirotis, Auteur Année de publication : 2011 Article en page(s) : pp. 1485-1509 Note générale : Management Langues : Anglais (eng) Mots-clés : Bayesian  learning  Consumer  reviews  Discrete  choice  Electronic  commerce  Electronic  markets  Opinion  mining  Sentiment  analysis  User-generated  content  Text  mining  Econometrics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Increasingly, user-generated product reviews serve as a valuable source of information for customers making product choices online. The existing literature typically incorporates the impact of product reviews on sales based on numeric variables representing the valence and volume of reviews. In this paper, we posit that the information embedded in product reviews cannot be captured by a single scalar value. Rather, we argue that product reviews are multifaceted, and hence the textual content of product reviews is an important determinant of consumers' choices, over and above the valence and volume of reviews. To demonstrate this, we use text mining to incorporate review text in a consumer choice model by decomposing textual reviews into segments describing different product features. We estimate our model based on a unique data set from Amazon containing sales data and consumer review data for two different groups of products (digital cameras and camcorders) over a 15-month period. We alleviate the problems of data sparsity and of omitted variables by providing two experimental techniques: clustering rare textual opinions based on pointwise mutual information and using externally imposed review semantics. This paper demonstrates how textual data can be used to learn consumers' relative preferences for different product features and also how text can be used for predictive modeling of future changes in sales. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc [article] Deriving the pricing power of product features by mining consumer reviews [texte imprimé] / Nikolay Archak, Auteur ; Anindya Ghose, Auteur ; Panagiotis G. Ipeirotis, Auteur . - 2011 . - pp. 1485-1509. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 8 (Août 2011) . - pp. 1485-1509 Mots-clés : Bayesian  learning  Consumer  reviews  Discrete  choice  Electronic  commerce  Electronic  markets  Opinion  mining  Sentiment  analysis  User-generated  content  Text  mining  Econometrics Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Increasingly, user-generated product reviews serve as a valuable source of information for customers making product choices online. The existing literature typically incorporates the impact of product reviews on sales based on numeric variables representing the valence and volume of reviews. In this paper, we posit that the information embedded in product reviews cannot be captured by a single scalar value. Rather, we argue that product reviews are multifaceted, and hence the textual content of product reviews is an important determinant of consumers' choices, over and above the valence and volume of reviews. To demonstrate this, we use text mining to incorporate review text in a consumer choice model by decomposing textual reviews into segments describing different product features. We estimate our model based on a unique data set from Amazon containing sales data and consumer review data for two different groups of products (digital cameras and camcorders) over a 15-month period. We alleviate the problems of data sparsity and of omitted variables by providing two experimental techniques: clustering rare textual opinions based on pointwise mutual information and using externally imposed review semantics. This paper demonstrates how textual data can be used to learn consumers' relative preferences for different product features and also how text can be used for predictive modeling of future changes in sales. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/8.toc

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