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on Marketing |
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Issue of 2013‒10‒11
three papers chosen by Joao Carlos Correia Leitao Universidade da Beira Interior and Universidade de Lisboa |
| By: | Laitenberger, Ulrich; Smuda, Florian |
| Abstract: | We use consumer panel data to calculate the damage suffered by German consumers due to a detergent cartel that was active between 2002 and 2005 in eight European countries. Applying before-and-after and difference-in-differences estimations we find average overcharges between 6.7 and 6.9 percent and an overall consumer damage of about 13.2 million Euro over the period from July 2004 until March 2005. Under the assumptions that the cartel-induced share on turnover is representative for the entire cartel period and all affected markets, the overall consumer damage would even sum up to about 315 million Euro. Our results further suggest that the retailers reacted to the price increases of the cartel firms via price increases for their own detergent products, resulting in significant umbrella effects. We quantify the damage due to this umbrella pricing to a total of about 7.34 million Euro. With respect to the discussion whether special procedures for bringing collective actions should be available in the EU, our results are important to the extent that we show how consumer associations can use consumer panel data in order to claim damages before national courts and thereby actively fulfill their mandate of consumer protection. -- |
| Keywords: | cartels,damages,consumers,detergents,private damage claims |
| JEL: | L13 L41 L44 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:13069&r=mkt |
| By: | Beatriz Plaza (University of the Basque Country UPV/EHU, Spain); Pilar Gonzalez-Casimiro (University of the Basque Country UPV/EHU, Spain); Paz Moral-Zuazo (University of the Basque Country UPV/EHU, Spain); Courtney Waldron |
| Abstract: | Cultural re-imaging through iconic art museums aims to create symbolic capital for a place in the form of creative images, reputation, and associations with innovation. While literature has long identified architectural uniqueness as a potential driver of brand competitiveness, we argue diffusion of that image is equally important. This work draws upon economic concepts from other cultural industries (such as film, music, and art) to develop a framework for understanding how cultural brands are built: how reproducible images of singular architecture accumulate in the media to strengthen a brand. We then test an art brand´s impact on visitors. This work aims to offer evidence that the Guggenheim Museum Bilbao brand generates tourism to the city of Bilbao. By understanding how iconic cultural structures create symbolic capital, policy makers may better tailor similar culture-led branding strategies to other places. |
| Keywords: | Iconic Art Museums, Image Markets, Urban Economics, Branding Effectiveness |
| JEL: | Z1 R1 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:cue:wpaper:awp-05-2013&r=mkt |
| By: | Murray L. Aitken; Ernst R. Berndt; Barry Bosworth; Iain M. Cockburn; Richard Frank; Michael Kleinrock; Bradley T. Shapiro |
| Abstract: | We examine six molecules facing initial loss of US exclusivity (LOE, from patent expiration or challenges) between June 2009 and May 2013 that were among the 50 most prescribed molecules in May 2013. We examine prices per day of therapy (from the perspective of average revenue received by retail pharmacy per day of therapy) and utilization separately for four payer types (cash, Medicare Part D, Medicaid, and other third party payer – TPP) and age under vs. 65 and older. We find that quantity substitutions away from the brand are much larger proportionately and more rapid than average price reductions during the first six months following initial LOE. Brands continue to raise prices after generics enter. Expansion of total molecule sales (brand plus generic) following LOE is an increasingly common phenomenon compared with earlier eras. The number of days of therapy in a prescription has generally increased over time. Generic penetration rates are typically highest and most rapid for TPPs, and lowest and slowest for Medicaid. Cash customers and seniors generally pay the highest prices for brands and generics, third party payers and those under 65 pay the lowest prices, with Medicaid and Medicare Part D in between. The presence of an authorized generic during the 180-day exclusivity period has a significant impact on prices and volumes of prescriptions, but this varies across molecules. |
| JEL: | D01 D02 D43 I1 L65 L78 |
| Date: | 2013–10 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19487&r=mkt |