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Structural estimation of the effect of out-of-stocks / Andrés Musalem in Management science, Vol. 56 N° 7 (Juillet 2010) 

Public ISBD [article]  in Management science > Vol. 56 N° 7 (Juillet 2010) . - pp. 1180-1197 Titre : Structural estimation of the effect of out-of-stocks Type de document : texte imprimé Auteurs : Andrés Musalem, Auteur ; Marcelo Olivares, Auteur ; Eric T. Bradlow, Auteur Année de publication : 2010 Article en page(s) : pp. 1180-1197 Note générale : Management Langues : Anglais (eng) Mots-clés : Aggregate  demand  estimation  Bayesian  methods  Choice  models  Data  augmentation  Inventory  management  Out-of-stocks  Retailing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We develop a structural demand model that endogenously captures the effect of out-of-stocks on customer choice by simulating a time-varying set of available alternatives. Our estimation method uses store-level data on sales and partial information on product availability. Our model allows for flexible substitution patterns, which are based on utility maximization principles and can accommodate categorical and continuous product characteristics. The methodology can be applied to data from multiple markets and in categories with a relatively large number of alternatives, slow-moving products, and frequent out-of-stocks (unlike many existing approaches). In addition, we illustrate how the model can be used to assist the decisions of a store manager in two ways. First, we show how to quantify the lost sales induced by out-of-stock products. Second, we provide insights on the financial consequences of out-of-stocks and suggest price promotion policies that can be used to help mitigate their negative economic impact, which run counter to simple commonly used heuristics. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/7.toc [article] Structural estimation of the effect of out-of-stocks [texte imprimé] / Andrés Musalem, Auteur ; Marcelo Olivares, Auteur ; Eric T. Bradlow, Auteur . - 2010 . - pp. 1180-1197. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 7 (Juillet 2010) . - pp. 1180-1197 Mots-clés : Aggregate  demand  estimation  Bayesian  methods  Choice  models  Data  augmentation  Inventory  management  Out-of-stocks  Retailing Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We develop a structural demand model that endogenously captures the effect of out-of-stocks on customer choice by simulating a time-varying set of available alternatives. Our estimation method uses store-level data on sales and partial information on product availability. Our model allows for flexible substitution patterns, which are based on utility maximization principles and can accommodate categorical and continuous product characteristics. The methodology can be applied to data from multiple markets and in categories with a relatively large number of alternatives, slow-moving products, and frequent out-of-stocks (unlike many existing approaches). In addition, we illustrate how the model can be used to assist the decisions of a store manager in two ways. First, we show how to quantify the lost sales induced by out-of-stock products. Second, we provide insights on the financial consequences of out-of-stocks and suggest price promotion policies that can be used to help mitigate their negative economic impact, which run counter to simple commonly used heuristics. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/7.toc