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Artykuły w czasopismach na temat "Price perceptions"
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Liang, Wai Ki, i David Corkindale. "How eWord of Mouth valences affect price perceptions". International Journal of Market Research 61, nr 1 (19.07.2018): 50–63. http://dx.doi.org/10.1177/1470785318788469.
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The influence of electronic Word of Mouth (eWOM) on consumers’ perceptions of price, allowing for consumers having different price acceptability levels, was examined through nine online experiments. Three valences of eWOM were systematically examined: positive, negative, and inconsistent, that is, both positive and negative present in the word-of-mouth communication. When contemplating making a purchase of an item, consumers have ranges of prices that would be acceptable. It was found that eWOM was more influential on consumers’ price perceptions than the advertised price for all price acceptability levels. However, the price perception of an item was found to be less acceptable when eWOM was inconsistent compared to when eWOM was absent or was positive. Inconsistent eWOM had a negative effect on price perceptions but not as great as that when negative eWOM was present and this was consistently found to apply for all price acceptability levels. The market context for the experiments was that of a tourism service, a Group Package Tour in Japan. We present the study’s implications for practitioners in this type of market, as well as the contribution to the research literature on word-of-mouth influence on consumer response to prices.
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Grewal, Dhruv, Kent B. Monroe i R. Krishnan. "The Effects of Price-Comparison Advertising on Buyers’ Perceptions of Acquisition Value, Transaction Value, and Behavioral Intentions". Journal of Marketing 62, nr 2 (kwiecień 1998): 46–59. http://dx.doi.org/10.1177/002224299806200204.
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The authors expand and integrate prior price-perceived value models within the context of price comparison advertising. More specifically, the conceptual model explicates the effects of advertised selling and reference prices on buyers’ internal reference prices, perceptions of quality, acquisition value, transaction value, and purchase and search intentions. Two experimental studies test the conceptual model. The results across these two studies, both individually and combined, support the hypothesis that buyers’ internal reference prices are influenced by both advertised selling and reference prices as well as the buyers’ perception of the product's quality. The authors also find that the effect of advertised selling price on buyers’ acquisition value was mediated by their perceptions of transaction value. In addition, the effects of perceived transaction value on buyers’ behavioral intentions were mediated by their acquisition value perceptions. The authors suggest directions for further research and implications for managers.
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Chang, Ming-Hsu, i Wen-Bin Chiou. "Psychophysical Methods in Study of Consumers' Perceived Price Change for Food Products". Psychological Reports 100, nr 2 (kwiecień 2007): 643–52. http://dx.doi.org/10.2466/pr0.100.2.643-652.
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When adjusting product prices, marketers wish information concerning consumers' price perceptions. The present study aimed to develop an optimal pricing framework for food products by applying Weber's Law and Stevens' Power Law in psychophysics. The first phase attempted to measure the differential thresholds when magnitudes of prices were raised and lowered. The second phase was conducted to establish the psychophysical function representing perceived changes. Analysis showed consumers' differential thresholds were positively correlated with the initial price, consistent with Weber's Law. Further, participants' perceived change differed for increased and decreased prices. Products were perceived as cheaper only when medium-and low-priced products dropped dramatically in price. However, small reductions for the high-priced products were perceived as cheaper. Regardless of price changes, participants perceived products were more expensive when prices dropped by a small amount.
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Rodriguez-Feijoo, Santiago, Alejandro Rodriguez-Caro i Carlos Gonzalez-Correa. "Fruit and Vegetable Prices and Perceptions in Mercalaspalmas Wholesale Market". Innovar 25, nr 55 (1.01.2015): 145–55. http://dx.doi.org/10.15446/innovar.v25n55.47230.
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This paper studies the behavior of fruit and vegetable prices in a wholesale market. Its aims are: a) to examine price behavior and changes; and b) to identify statistically significant factors in the perception of prices and to quantify the effect of these factors on the market price. For this purpose, daily data were obtained on modal prices at the Mercalaspalmas wholesale market from 2006 until mid-2010. The results obtained show there is a similar degree of flexibility in price increases and decreases, and show the product to be the determinant element in setting prices. There was found to be a strong degree of price permanence, in the sense that changes take place slowly and following a lag. The following significant factors were identified in the perception of prices: the length of time a price has remained unchanged in the market; the period during which a product has been absent from the market; the quantities traded at a given price; and the index of market prices. However, the quantitative effect of this body of factors on the perceived price is very limited.
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Kleinsasser, Sabine, i Udo Wagner. "Price endings and tourism consumers’ price perceptions". Journal of Retailing and Consumer Services 18, nr 1 (styczeń 2011): 58–63. http://dx.doi.org/10.1016/j.jretconser.2010.09.011.
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Tolbert, Sylvia Long, Chiranjeev Kohli i Rajneesh Suri. "Who pays the price for loyalty? The role of self-consciousness". Journal of Product & Brand Management 23, nr 4/5 (18.08.2014): 362–71. http://dx.doi.org/10.1108/jpbm-08-2013-0375.
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Purpose – This paper aims to study the role of self-consciousness from the point of view of firm loyalty. Firms increasingly vie to gain, and then maintain, loyal consumers. A firm’s assumption that such consumers will be willing to pay premium prices, however, contradicts consumers’ rational motivations to seek low prices. This research suggests that consumers’ self-consciousness and the nature of their loyalty toward a firm help resolve this apparent contradiction. The results show that when past purchases reflect an exclusive relationship with a retailer, participants with high public self-consciousness valued relatively low-price offers, whereas those with high private self-consciousness expressed high-value perceptions for higher priced offers. However, when past purchases were divided between retail partners, self-consciousness showed no impact on value perceptions. Design/methodology/approach – Firms increasingly vie to gain, and then maintain, loyal consumers. A firm’s assumption that such consumers will be willing to pay premium prices, however, contradicts consumers’ rational motivations to seek low prices. This research suggests that consumers’ self-consciousness and the nature of their loyalty toward a firm help resolve this apparent contradiction. The results show that when past purchases reflect an exclusive relationship with a retailer, participants with high public self-consciousness valued relatively low-price offers, whereas those with high private self-consciousness expressed high-value perceptions for higher priced offers. However, when past purchases were divided between retail partners, self-consciousness showed no impact on value perceptions. Findings – Analysis reveals that consumers’ evaluations and search behaviors are influenced by characteristics of the medium (retail vs e-tail), but this effect is moderated by both gender and price knowledge. Females prefer a brick and mortar environment and are likely to seek information at such retailers even when similar products are available online. However, males evaluate online offers better than identical store offers and are less inclined to engage in channel transition. Finally, evaluations of online offers are positively related to price knowledge, whereas a reverse pattern of results is obtained for retail offers. Originality/value – The findings shed light on how consumers evaluate identical online vs retail price offers, and their associated search intentions. These findings have practical implications for merchants who adopt a dual presence.
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Gielissen, Robert, Chris E. Dutilh i Johan J. Graafland. "Perceptions of Price Fairness". Business & Society 47, nr 3 (10.12.2007): 370–89. http://dx.doi.org/10.1177/0007650308316937.
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Jiang, Pingjun. "Managing Customer Price Perceptions". Services Marketing Quarterly 24, nr 4 (marzec 2003): 77–98. http://dx.doi.org/10.1300/j396v24n04_05.
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Tegowati, Tegowati, Dewi Mutmainnah, Nenny Syahrenny i In’am Widiarma. "EFEKTIVITAS PROMOSI ONLINE, LAYANAN PURNA JUAL DAN PERSEPSI HARGA UNTUK MENINGKATKAN PENGAMBILAN KEPUTUSAN PADA M-COMMERCE". Media Mahardhika 21, nr 2 (30.01.2023): 284–91. http://dx.doi.org/10.29062/mahardika.v21i2.611.
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The purpose of this study is to investigate how pricing perception, after-sales service, and online promotion influence online purchasing decisions. The sample is 150 respondents who have made online purchases via smartphones. Multiple linear regression was employed in the data analysis with SPSS 20.0. The conclusions in this study are as follows: 1) Perception of price affects online purchasing decisions; 2) After-sales service does not affect online purchasing decisions; 3) Online Promotion affects online purchasing decisions. Price perceptions and online promotions affect online purchasing decisions because prices are sensitive, especially for mothers or women. Consumers are rational economic actors. This means that they will take decisions or actions that are most beneficial to them, in this case, related to the price of goods. The law of supply and demand concerns price and quantity. If prices fall, the need for goods and services will increase, and vice versa
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Ferreira, Alcina G., i Filipe J. Coelho. "Product involvement, price perceptions, and brand loyalty". Journal of Product & Brand Management 24, nr 4 (20.07.2015): 349–64. http://dx.doi.org/10.1108/jpbm-06-2014-0623.
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Purpose – This paper aims to contribute to the literature on brand loyalty by illustrating the mechanisms through which product involvement influences brand loyalty. In doing so, the study is original in considering the mediating role of the multidimensional price perceptions’ construct. Design/methodology/approach – Two thousand questionnaires were distributed in two shopping malls, yielding a sample of 535 consumers, covering eight different grocery products. To test the hypothesized model, the authors relied on structural equation modelling. Findings – Product involvement influences on brand loyalty are partially mediated by price perceptions. This is a novel finding. Moreover, product involvement relates positively to six price perceptions, and this is also original. As expected, value consciousness and sale proneness are detrimental to brand loyalty, whereas price – quality schema contributes to it. Unexpectedly, however, price consciousness, sale proneness and price mavenism are positively related to loyalty. Practical implications – Managers can improve brand loyalty by increasing consumers’ product involvement, by reducing the reliance on a value-for-money orientation and on non-coupon promotions and by focusing on lower or higher prices and on coupon promotions and emphasizing a price – quality association. Originality/value – The product involvement/brand loyalty relationship has been characterized by mixed findings. This paper contributes to this debate by clarifying the mechanisms through which involvement relates to loyalty. In doing this, this paper also innovates by investigating the relationship between involvement and the multidimensional price perceptions’ construct. In this process, this paper also inquires how seven price perceptions relate to brand loyalty, with novel findings emerging.
Rozprawy doktorskie na temat "Price perceptions"
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Mukherjee, Sudipta. "Three Essays on Price Framing and Price Perceptions". Diss., Virginia Tech, 2019. http://hdl.handle.net/10919/100988.
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This dissertation focuses on contextual frames that influence how consumers perceive prices and how that in turn affects their product evaluations and consumption decisions. This research consists of three essays and attempts to further the understanding of contextual factors that affect how consumers perceive prices (essay 1) and how perceptions about prices influence product inferences (essay 2) and decision making (essay 3). While there is a substantial body of research on price framing and price perception, my research identifies and attempts to fill some important gaps in the existing research.
In my first essay, I introduce a new price framing effect – the upper limit framing effect. This essay shows that framing the upper limit of a price estimate as less than vs. not more than can result in systematic differences in perceptions regarding the underlying price. This research contributes to the existing price framing research, which primarily focuses on set prices, by investigating price estimates. It also makes important contributions to the temporal and monetary costs and semantic framing literatures and to the literature on negations.
In my second essay, I contribute to the existing perceived price-quality research that primarily concerns only the market prices. This essay shows that consumers over-apply the
perceived price-quality heuristic when setting product prices by themselves (self-decided prices). Specifically, this research shows that contextual factors that affect self-decided prices in turn influence product inferences, with the relationship between contextual frame and product inferences being mediated by self-decided prices.
In my third essay, I contribute to the existing price framing research by showing that in the context of multiple price presentation, the price presentation order (ascending vs. descending) affects the perceived importance of price in the decision making – an effect I term as the price order effect – an effect that is explained by prospect-theory driven loss aversion. Specifically, this research shows that descending (vs. ascending) price presentation order results in significantly lower perceived importance of price in the decision making process which in turn influences subsequent consumption decisions.
In addition to the individual contributions of each essay, this dissertation makes an overall contribution to the price framing and price perception research by identifying new price framing effects and by furthering the understanding of how consumers perceive prices and how perceptions about price influences consumer decision making.Doctor of Philosophy
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Haarhoff, R., i A. J. Strydom. "Price perceptions of international visitors to South Africa". Journal for New Generation Sciences, Vol 8, Issue 3: Central University of Technology, Free State, Bloemfontein, 2010. http://hdl.handle.net/11462/567.
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Published ArticleThe question often arises as to how aware consumers are of prices of products and how much they are willing to pay for particular products. Research indicates that 'excellent value for money' is rated as the number one priority by consumers. In economically challenging conditions, tourists have become more price sensitive and prices charged will influence their decision-making. South Africa, as a destination, must ensure that prices charged for tourism products meet tourists' expectations and therefore research on the price perceptions in relation to major products that international tourists spend money on whilst on holiday, becomes important. As point of departure, it should be possible to establish the difference, if any, between what the tourists expected to pay for specific tourism products, and what they actually paid.
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Lindsey-Mullikin, Joan Marie. "Beyond reference price: The role of unmet price expectations in consumers' perceptions of value". Diss., The University of Arizona, 1999. http://hdl.handle.net/10150/284440.
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This dissertation posits an entirely new approach for understanding the reference price phenomenon. It is proposed that Festinger's (1957) theory of dissonance reduction provides a practical framework for studying situations in which consumers' encountered prices are significantly different from their expectations. The three modes of dissonance reduction initially proposed by Festinger (to change one's attitude or cognition, to seek consonant information, or to trivialize some element of the dissonant relationship) are experimentally manipulated. These three modes of dissonance reduction are then evaluated for their impact on consumers' perceptions of value and consumers' purchase intentions. A computer-controlled shopping experiment is utilized to test the hypotheses.
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Lowe, Benjamin, i n/a. "Pricing Strategy and the Formation and Evolution of Reference Price Perceptions in New Product Categories". Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20070221.155102.
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This study examines how pioneer and follower pricing strategies affect the formation and evolution of reference price perceptions in new product categories. It contributes to our understanding of pricing new products by integrating two important research streams in the field of marketing - reference price theory and the theory of pioneer brand advantage. This is the first research to address reference price effects for radically new product categories. Prior research has focused solely on products in existing categories, typically in fast moving consumer goods categories. Using three experiments to causally establish the consequences of pioneer and follower pricing strategies on consumer perceptions, three critical research issues are addressed for the first time, consistent with calls for research in the literature: 1. Which reference price do consumers utilise in new product categories? 2. What is the role of consumer confidence in reference price for new product categories? 3. How do reference price perceptions form and evolve as a result of pioneer and follower pricing strategy? In the literature, a frequently cited issue is the fragmented operationalisation of reference price perceptions. With little theory to guide researchers in terms of which measures should be used, experiment 1 provides new theory, finding as hypothesised, that fair price perceptions as opposed to expected price perceptions are more likely to be evoked by consumers for new product categories. Experiment 1 also finds that using consumers' confidence in their reference price beliefs as an additional explanatory variable, does not improve over current reference price models. Overconfidence, a robust consumer behavioural phenomenon (Alba and Hutchinson 2000), might explain this result. Prior research has made several contributions to understanding reference price perceptions in established product categories. However, not much is known about how these reference price perceptions initially form and evolve. Experiments 2 and 3 address this gap by simulating an emerging market and examining the role of pioneership in shaping reference price perceptions. Experiment 2 found the pioneer, due to its perceptual prominence, is able to define the reference price and subsequently define perceptions of value. That is, the value consumers place on a product and their intentions to purchase the product are about the same whether the pioneer follows a penetration (initial low price) or skimming (initial high price) strategy. Experiment 3 extends experiment 2 by examining what happens in the emerging market when a follower brand enters. The follower enters at a large or small discount to the pioneer, and the pioneer completes its penetration or skimming strategy, converging to a 'regular' price. As predicted, the pioneer's initial price frames subsequent price and value perceptions, signifying the importance of the pioneer as a referent brand. Lower initial prices erode value perceptions, whereas higher initial prices substantiate value perceptions. The follower's pricing strategy does not have as much influence as the pioneer's pricing strategy. Other findings from experiment 3 related to reference price theory in general. Specifically, there was strong evidence of an averaging process when forming reference prices. This adds theory to the measurement debate about operationalising reference price as some past price such as last price paid or some average of past prices. Experiment 3 also provides a further measurement contribution by supporting the use of brand specific measures of reference price, rather than category based measures. More generally, because of the causal research design, this thesis provides strong evidence of the use of reference prices in consumer decision making: a key concern emphasised by one of the area's seminal articles (i.e., Kalyanaram and Winer 1995), which stresses the need to provide evidence that consumers actually use reference prices, and not just act as if they do.
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Lowe, Benjamin. "Pricing Strategy and the Formation and Evolution of Reference Price Perceptions in New Product Categories". Thesis, Griffith University, 2006. http://hdl.handle.net/10072/365671.
Pełny tekst źródłaStreszczenie:
This study examines how pioneer and follower pricing strategies affect the formation and evolution of reference price perceptions in new product categories. It contributes to our understanding of pricing new products by integrating two important research streams in the field of marketing - reference price theory and the theory of pioneer brand advantage. This is the first research to address reference price effects for radically new product categories. Prior research has focused solely on products in existing categories, typically in fast moving consumer goods categories. Using three experiments to causally establish the consequences of pioneer and follower pricing strategies on consumer perceptions, three critical research issues are addressed for the first time, consistent with calls for research in the literature: 1. Which reference price do consumers utilise in new product categories? 2. What is the role of consumer confidence in reference price for new product categories? 3. How do reference price perceptions form and evolve as a result of pioneer and follower pricing strategy? In the literature, a frequently cited issue is the fragmented operationalisation of reference price perceptions. With little theory to guide researchers in terms of which measures should be used, experiment 1 provides new theory, finding as hypothesised, that fair price perceptions as opposed to expected price perceptions are more likely to be evoked by consumers for new product categories. Experiment 1 also finds that using consumers' confidence in their reference price beliefs as an additional explanatory variable, does not improve over current reference price models. Overconfidence, a robust consumer behavioural phenomenon (Alba and Hutchinson 2000), might explain this result. Prior research has made several contributions to understanding reference price perceptions in established product categories. However, not much is known about how these reference price perceptions initially form and evolve. Experiments 2 and 3 address this gap by simulating an emerging market and examining the role of pioneership in shaping reference price perceptions. Experiment 2 found the pioneer, due to its perceptual prominence, is able to define the reference price and subsequently define perceptions of value. That is, the value consumers place on a product and their intentions to purchase the product are about the same whether the pioneer follows a penetration (initial low price) or skimming (initial high price) strategy. Experiment 3 extends experiment 2 by examining what happens in the emerging market when a follower brand enters. The follower enters at a large or small discount to the pioneer, and the pioneer completes its penetration or skimming strategy, converging to a 'regular' price. As predicted, the pioneer's initial price frames subsequent price and value perceptions, signifying the importance of the pioneer as a referent brand. Lower initial prices erode value perceptions, whereas higher initial prices substantiate value perceptions. The follower's pricing strategy does not have as much influence as the pioneer's pricing strategy. Other findings from experiment 3 related to reference price theory in general. Specifically, there was strong evidence of an averaging process when forming reference prices. This adds theory to the measurement debate about operationalising reference price as some past price such as last price paid or some average of past prices. Experiment 3 also provides a further measurement contribution by supporting the use of brand specific measures of reference price, rather than category based measures. More generally, because of the causal research design, this thesis provides strong evidence of the use of reference prices in consumer decision making: a key concern emphasised by one of the area's seminal articles (i.e., Kalyanaram and Winer 1995), which stresses the need to provide evidence that consumers actually use reference prices, and not just act as if they do.Thesis (PhD Doctorate)
Doctor of Philosophy (PhD)
Griffith Business School
Griffith Business School
Full Text
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Lee, Jung Eun. "The Effect of Tensile Price Claim and Price Discount Disconfirmation on Online Customers’ Perceptions and Purchase Intentions". The Ohio State University, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=osu1366295283.
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Fraccaro, Annalisa. "Price endings of luxury handbags : managerial practices customers' perceptions and preferences". Thesis, Paris 1, 2017. http://www.theses.fr/2017PA01E071.
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En se basant sur la littérature en marketing sur les terminaisons de prix et le pricing du luxe, cette thèse met en évidence le paradoxe résultant de l’utilisation de prix odd (i.e., des prix juste en dessous d’un nombre rond) dans le contexte des produits de luxe où, intuitivement, les prix devraient majoritairement être des nombres ronds. Les pratiques en termes de terminaisons de prix sont étudiées dans la catégorie des sacs à main de luxe. Dans une première partie, la thèse identifie les catégories de terminaison de prix utilisés et les déterminants d’utilisation. Dans une seconde partie, la thèse explore les perceptions des consommateurs concernant différentes facettes du luxe et leur perception globale du caractère luxueux d’un produit selon les terminaisons de prix utilisées. Dans une dernière partie, la thèse étudie les préférences des consommateurs de luxe pour une terminaison de prix ou l’autre. Les résultats de cette thèse offrent de nouvelles perspectives par rapport à la littérature existante sur les terminaisons de prix, dans le sens où ils indiquent que les connotations de prix inférieur, qualité inférieure et prestige inférieur, associées aux prix odd et bien établies dans la littérature n’existent pas pour les produits de luxe, ou du moins pour la catégorie des sacs à main de luxe de niveau intermédiaireDrawing from existing literature on price endings and luxury pricing, this thesis highlights the paradox of adopting odd prices (i.e., prices just below a round number) in a luxury context, where, intuitively, prices should mostly be round numbers. Price endings practices are investigated in the product category of luxury women handbags. In a first empirical analysis, different types of price endings and the determinants of their use by pricing managers are identified. In a second part, the results of two experiments measure customers’ perceptions of different facets of luxury and overall perceived luxury itself. In the last part, a conjoint analysis reveals customers’ preferences for odd price endings. The findings of this thesis challenge previous research on price endings practices, in that they show that well-know low-price, low-quality, low-prestige connotations typical of odd prices in a non-luxury context, might not subsist in a luxury environment, at least for the handbag product category and for an intermediate level of luxury
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Mumtaz, Saqib Ali, i Md Asifur Rahman. "Consumer’s Perceptions of Values Regarding Different Shelf Levels in Terms of Price". Thesis, Karlstads universitet, Fakulteten för ekonomi, kommunikation och IT, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-8720.
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Retail shelves acts as extrinsic cues which influence consumers’ perceptions and facilitates them in their purchase dilemma. This study is about determining any possible association between vertical shelf levels and consumers’ perception of values. The assumption that consumers perceive a product at higher place as of higher value (quality) was analyzed by means of primary data and further explained by cue utilization theory. The research attempts to quantify values (extrinsic cue effect) by means of prices of the products. Here, both shelf levels and price are considered as extrinsic cues. In other words, this research analyzed the influence of one extrinsic cue on the other and thus how this affects consumer perception of the product’s value. For this purpose, a primary research was conducted involving consumer group of Swedish people (N=90) and price data was collected for three products placing at different shelf levels. Results from the questionnaire were analyzed by means of one way ANOVA test. The results disapproved hypothesis that was tested yet showed a positive trend for one the value product e.g., coffee. On the basis of result, it can be deduced that further research with different experimental techniques could be applied on the same subject matter to bring more accurate results.
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Hyun, Soeun. "The effects of contextual cues on consumers' perceptions of comparative price advertisments". Diss., Virginia Tech, 1993. http://hdl.handle.net/10919/40417.
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The purpose of this study is to understand Korean consumers' perceptual processes induced by comparative price advertisements. While controlling for intrinsic product cue effects, this study examines the joint effects of extrinsic cues, such as comparative price (regular price /sale price), brand name, country-of-manufacture, and retailer name, on a consumer's perception of a product's price and quality.
In examining the effects of advertising contextual cues, this study incorporates consumer perceptual processes, the processes through which the external cues are perceived and compared to or moderated by other variables. The perceptual structure is based on relevant theories and accumulated knowledge from research in this area. Specially adapted theories for this study are the adaptation-level theory, the message learning theory, and the transaction utility theory.Ph. D.
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Lockshin, Lawrence S. "The price/quality relationship in wine : differential effect of price and oak level on quality perceptions of consumers and wholesalers /". The Ohio State University, 1991. http://rave.ohiolink.edu/etdc/view?acc_num=osu1487687485808301.
Pełny tekst źródłaKsiążki na temat "Price perceptions"
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Dickson, Peter R. Point-of-purchase behavior and price perceptions of supermarket shoppers. Cambridge, Mass: Marketing Science Institute, 1986.
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Dickson, Peter R. Point-of-purchase behavior and price perceptions of supermarket shoppers. Cambridge, Mass: Marketing Science Institute, 1986.
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Demery, David. Price perceptions and the real effects of aggregate demand. Bristol: University of Bristol, Department of Economics, 1998.
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Dickson, Peter R. Point-of-purchase behavior and price perceptions of supermarket shoppers. Cambridge, Mass: Marketing Science Institute, 1986.
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Joseph, Golec, red. Pharmaceutical price regulation: Public perceptions, economic realities, and empirical evidence. Washington, D.C: AEI Press, 2008.
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Vossensteyn, J. J. Perceptions of student price responsiveness: A behavioural economics exploration of the relationships between socio-economic status, perceptions of financial incentives and student choice. Netherlands: CHEPS/UT, 2005.
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Grewal, Dhruv. The effects of price-comparison advertising on buyers' perceptions of acquisition value and transaction value. Cambridge, Mass: Marketing Science Institute, 1996.
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Grewal, Dhruv. The effects of price-comparison advertising on buyers' perceptions of acquisition value and transaction value. Cambridge, Mass: Marketing Science Institute, 1996.
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Neil, Philip. Prince Zucchini. New York: Star Bright Books, 2003.
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Anttila, Mai. Consumer price perception and preferences: A reference price model of brand evaluation and a conjoint analysis of price utility structures. Helsinki: Helsinki School of Economics and Business Administration, 1990.
Znajdź pełny tekst źródłaCzęści książek na temat "Price perceptions"
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Koc, Umit, i Rajneesh Suri. "Price Drops, and Price Unfairness Perceptions". W Proceedings of the 2010 Academy of Marketing Science (AMS) Annual Conference, 176. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-11797-3_100.
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Lund, Daulatram B. "Buyer’s Price Perceptions: An Experimental Methodology". W Proceedings of the 1983 Academy of Marketing Science (AMS) Annual Conference, 430–33. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-16937-8_101.
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Mägi, Anne W., Jonas Gunnarsson i Sara Rosengren. "How Do Consumers Update Store Price Perceptions?" W Creating Marketing Magic and Innovative Future Marketing Trends, 765–76. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-45596-9_145.
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Dodds, William B., i Nicholas Nugent. "Consumer Perceptions of Price Deals in the Automobile Industry". W Proceedings of the 1991 Academy of Marketing Science (AMS) Annual Conference, 269–73. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-17049-7_55.
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Chung, Christina, i Barry Babin. "Online Consumer Perceptions of Retailer Familiarity and Price Discrimination". W The Sustainable Global Marketplace, 476. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-10873-5_278.
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Kukar-Kinney, Monika, i Jeffrey R. Carlson. "Consumers’ Perceptions of Online and Bricks-and-Mortar Advertised Price Promotions". W Celebrating America’s Pastimes: Baseball, Hot Dogs, Apple Pie and Marketing?, 783. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-26647-3_167.
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Nosko, Andrej, i Matúš Mišík. "Pricing Security or Pricing Perceptions: Differences in Energy Security Perspectives of Oil and Gas". W Beyond Market Assumptions: Oil Price as a Global Institution, 125–42. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-29089-4_7.
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Jones, Joseph M., Kyle Zolner, Larry D. Compeau i Jeanne L. Munger. "The Effects of Framing and Price on Consumers’ Perceptions of Nonprofit Solicitations". W Proceedings of the 1993 Academy of Marketing Science (AMS) Annual Conference, 464–68. Cham: Springer International Publishing, 2014. http://dx.doi.org/10.1007/978-3-319-13159-7_104.
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Romero, Marisabel, i Dipayan Biswas. "The Influence of Spatial Position of Price Sequences on Choice and Value Perceptions". W Let’s Get Engaged! Crossing the Threshold of Marketing’s Engagement Era, 621. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-11815-4_188.
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Erdogan, Gözde, Joan Llonch Andreu i Maria del Carmen Alarcon del Amo. "Consumers’ Environmental Sustainability Perceptions on Their Attitude: The Moderating Effect of Price: An Abstract". W Celebrating the Past and Future of Marketing and Discovery with Social Impact, 55–56. Cham: Springer International Publishing, 2022. http://dx.doi.org/10.1007/978-3-030-95346-1_22.
Pełny tekst źródłaStreszczenia konferencji na temat "Price perceptions"
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Jeong, Dae-Yul, i Sung-Min Kim. "The Relationship between Price Perceptions and Price Acceptability of Digital Information Goods". W Business 2014. Science & Engineering Research Support soCiety, 2014. http://dx.doi.org/10.14257/astl.2014.70.13.
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Radavičienė, Indrė, Vytautas Dikčius i Veranika Slavuta. "Impact of different price discount frames and levels on customer perception and behavioural intention". W Contemporary Issues in Business, Management and Economics Engineering. Vilnius Gediminas Technical University, 2019. http://dx.doi.org/10.3846/cibmee.2019.002.
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Purpose – this paper aims to examine the effect of framing price promotion on consumers’ purchase intentions. The main purpose of this paper is to analyse the impact of percentage and monetary price discount frames, discount levels of 20%, 40%, 60% and 80% on customer behavioural intention and perception within a high-end hospitality industry context. Research methodology – this study considers 8 manipulated sample scenarios that have been developed. In summary, the experiment consisted of 2×4 designs of the high-end hospitality industry. Two independent variables were included in the experiment: two discount formats (€-off, %-off) and four discount levels to instigate the impact it has on the behavioural intentions and perceptions. Findings – research has proved that in the high-end hospitality industry, different price discount frames and levels have a significant impact on customer behavioural intentions and perceptions. Research limitations – the results of this study show that the threshold for the discount rate may depend on the type of hotel. Therefore, in the future, the impact of a discount on several hotels of different levels should be assessed in one study. Practical implications – the practical implication for service firms that want to use price discount promotions to encourage sales and increase revenue is that they should carefully consider the price range and the value or quality of image they intend to signal when using these different price discount frames and the service they are selling to determine the discount level to use. Originality/Value – this paper is valuable to high-end service marketers that seek to use price discount promotions to encourage sales and increase revenue.
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Hickman, T. S. "Oil and Gas Price Perceptions: The Impact on Reserve Acquisitions". W SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers, 1989. http://dx.doi.org/10.2118/spe-19676-ms.
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El-Dehaibi, Nasreddine, i Erin F. MacDonald. "Extracting Customer Perceptions of Product Sustainability From Online Reviews". W ASME 2019 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2019. http://dx.doi.org/10.1115/detc2019-98233.
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Abstract In order for a sustainable product to be successful in the market, designers must create products that are not only sustainable in reality, but are also sustainable as perceived by the customer — and reality vs. perception of sustainability can be quite different. This paper details a design method to identify perceived sustainable features (PerSFs) by collecting online reviews, manually annotating them using crowd-sourced work, and processing the annotated review fragments with a Natural Language machine learning algorithm. We analyze all three pillars of sustainability — social, environmental, and economic — for positive and negative perceptions of product features of a French press coffee carafe. For social aspects, the results show that positive PerSFs are associated with intangible features, such as giving the product as a gift, while negative PerSFs are associated with tangible features perceived as unsafe, like sharp corners. For environmental aspects, positive PerSFs are associated with reliable materials like metal while negative PerSFs are associated with the use of plastic. For economic aspects, PerSFs mainly serve as a price constraint for designers to satisfy other customer perceptions. We also show that some crucial sustainability concerns related to environmental aspects, like energy and water consumption, did not have a significant impact on customer sentiment, thus demonstrating the anticipated gap in sustainability perceptions and the realities of sustainable design, as noted in previous literature. From these results, online reviews can enable designers to extract PerSFs for further design study and to create products that resonate with customers’ sustainable values.
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Güneş, İsmail. "Is Nuclear Energy the Right Choice for Turkey?" W International Conference on Eurasian Economies. Eurasian Economists Association, 2015. http://dx.doi.org/10.36880/c06.01426.
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Developing countries need energy supply. Turkish economy is one of the most dynamic in the region. The consumption of electric power in the country is growing rapidly. But the price of electric energy in Turkey is one of the detrimental factors. Of all the neighboring countries, Turkey has one of the highest prices for electric energy. While some academicians and non-governmental organizations supported the Turkish government's plans for establishment of nuclear power plants in Turkey, some others opposed it. Due to increased energy demand, Turkey is continuing to explore the possibilities of introducing nuclear power. Gaining acceptance from local populations, however, may be problematic because nuclear power has a negative image and risk perceptions are complicated by a range of psychological and cultural factors. The main aim of this work is to investigate Turkey's nuclear preferences is it right. We will discusses the Akkuyu nuclear energy projects, market trends and analysis. In addition we will look at Turkey’s nuclear energy policies.
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Filipe Rodrigues, Luis, Helena Rodrigues i Abilio Oliveira. "In Times of Pandemic - How Generation XYZ Looks at Digital Banking". W 13th International Conference on Applied Human Factors and Ergonomics (AHFE 2022). AHFE International, 2022. http://dx.doi.org/10.54941/ahfe1001742.
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The banking industry since pandemic has shifted servicing dramatically from its traditional branches to become far more digitally flexible. Banks rushed to face-lift the front-end look and feel and enable non-essential digital services without asking users their needs. Thus, this bank attitude as greater impact on building a good digital banking customer experience that leads the users to fully adopt digital. To have a clear vision of how banks can stand out to a successful digital transformation we interview 634 digital bank users from the generation XYZ. To find out about the digital banking perceptions of Generation Z (born 1997-2012) , Generation Y (born 1981-1996), and Generation X (born 1965-1980) we perform a qualitative analysis using Leximancer content analysis software to determine differences and characteristics of users' attitudes toward digital banking. The findings highlighted nineteen concepts (transfers, bank, channels, products, digital, availability, anywhere, services, operations, use, account, savings, speed, costs, information, options, price, complex, and market) grouped in eight key themes perceived by users using digital banking channels, namely: transfers, availability, use, speed, information, price, complex and market. The three tags categories generation XYZ result of the presence of highly connected with concepts or independent variables showing prominence between X-generation and availability and services concept, Y-generation, and market, anywhere, bank and operation concepts, Z-generation, and transfers concepts. These results showed that digital bank users are concerned about price, speed of transfers and product information, the anywhere availability of services and operations in the financial market, with some constraints about the complexity of options used to manage their accounts and savings. More the Y-generation (middle age) take more advantage of digital banking to explore bank/financial market and perform operations anywhere, the X-generation (older age) look digital banking mainly for the availability of services and Z-generation (younger age) simple for transfers. This study contributes to understanding the use and preference of digital banking, allowing us to propose a new conceptual model to explain the digital banking usage, helps to identify what is important for each XYZ generation to increase their adoption of digital banking and alerts to the use complex of multiple options that probably are not the main focus to successfully used by this generations. Highlighting the users' perceptions is important for the bank industry to develop digital banking features that align with users' expectations and to increase the success of digital transformation by shifting servicing dramatically from a brick-and-mortar stalwart to become far more business digitally flexible.
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Chang, Xue. "RESEARCH ON THE EFFECT OF PRICE CHARACTER ON PRICE OVERALL PERCEPTION". W 2nd International Conference on Information, Communication and Engineering. International Institute of Knowledge Innovation and Invention, Private; Limited (IIKII PTE LTD), 2019. http://dx.doi.org/10.35745/icice2018v2.017.
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Unurlu, Çiğdem, Ayşe Akyol i Dilek Altaş. "The Relationships between Destination Brand Image, Destination Brand Loyalty and Word of Mouth Behaviour". W International Conference on Eurasian Economies. Eurasian Economists Association, 2013. http://dx.doi.org/10.36880/c04.00831.
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This article documents a study and model of the destination brand image, destination brand loyalty and word-of-mouth behaviour (WOM). Therefore, the literature review consists of three parts namely destination brand image, destination brand loyalty and word-of-mouth behaviour. Destination brand image can be defined as the reasoned perceptions consumers attach to specific brands. Destination brand loyalty can be defined as the main source of customer-based brand equity. Brand loyalty was defined as the attachment a customer has to a brand. Lassar et. al. noted that brand equity stems from the grater confidence that consumers place in a brand than they do in its competitors. This confidence translates into consumers' loyalty and their willingness to pay a premium price for the brand. Word of mouth behaviour can be defined as informal communications directed at other consumers about the ownership or characteristic of particular goods and services and/or their sellers. In order to explore the relationship between destination brand image, destination brand loyalty and word-of-mouth behaviour, a two phase research design (exploratory and descriptive) was adopted and conducted. This study was based on the measures of Boo et all (2009), and Kim et all (2011) because their instruments had been developed, tested, refined and yielded reliable results. The questionnaire items were scored on a 5 point Likert scale, ranging from “strongly disagree” to “strongly agree”. A cross sectional design was used for the data collection. Data is analysed by using SPSS.
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Chang, Xue. "Driving effect on price variety from involvement degree and price perception experience". W EM). IEEE, 2009. http://dx.doi.org/10.1109/icieem.2009.5344246.
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Powers, L. W., i W. M. Stevenson. "Perceptions the Key to Oil Prices". W SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers, 1987. http://dx.doi.org/10.2118/16838-ms.
Pełny tekst źródłaRaporty organizacyjne na temat "Price perceptions"
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Lee, Jung Eun, i Leslie Stoel. The Effect of Price Discount Disconfirmation on Customers’ Perceptions. Ames: Iowa State University, Digital Repository, 2014. http://dx.doi.org/10.31274/itaa_proceedings-180814-940.
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Adelino, Manuel, Antoinette Schoar i Felipe Severino. Perception of House Price Risk and Homeownership. Cambridge, MA: National Bureau of Economic Research, wrzesień 2018. http://dx.doi.org/10.3386/w25090.
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Letchworth, Rebecca, i Mallori Guthrie. Generation Y’s Perception of Price and Quality Related to Apparel Products. Ames: Iowa State University, Digital Repository, 2013. http://dx.doi.org/10.31274/itaa_proceedings-180814-511.
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Cortés, Kristle, Mandeep Singh, David Solomon i Philip Strahan. The Stench of Failure: How Perception Affects House Prices. Cambridge, MA: National Bureau of Economic Research, grudzień 2022. http://dx.doi.org/10.3386/w30760.
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Concina, Laura. Attitude face au risque & Sciences économiques. Fondation pour une culture de sécurité industrielle, maj 2014. http://dx.doi.org/10.57071/337arf.
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Ce document initie des lecteurs non-économistes aux théories de l'économie classique et comportementale du risque et de l'incertitude. Il décrit des résultats généralement acceptés en sciences économiques qui sont déterminants dans la prise de décision en conditions de risque ou d'incertitude et dans des situations où il est question de pertes et de gains. Pour illustrer ce sujet, sont présentés une sélection de résultats théoriques, entremêlés d'exemples de la vie quotidienne ainsi que des travaux de recherche en sciences économiques et en psychologie sur la perception du risque.
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Hassan, Tarek A., Jesse Schreger, Markus Schwedeler i Ahmed Tahoun. Country Risk. Institute for New Economic Thinking Working Paper Series, marzec 2021. http://dx.doi.org/10.36687/inetwp157.
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We construct new measures of country risk and sentiment as perceived by global investors and executives using textual analysis of the quarterly earnings calls of publicly listed firms around the world. Our quarterly measures cover 45 countries from 2002-2020. We use our measures to provide a novel characterization of country risk and to provide a harmonized definition of crises. We demonstrate that elevated perceptions of a country's riskiness are associated with significant falls in local asset prices and capital outflows, even after global financial conditions are controlled for. Increases in country risk are associated with reductions in firm-level investment and employment. We also show direct evidence of a novel type of contagion, where foreign risk is transmitted across borders through firm-level exposures. Exposed firms suffer falling market valuations and significantly retrench their hiring and investment in response to crises abroad. Finally, we provide direct evidence that heterogeneous currency loadings on global risk help explain the cross-country pattern of interest rates and currency risk premia.
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Lu, Tianjun, Jian-yu Ke, Fynnwin Prager i Jose N. Martinez. “TELE-commuting” During the COVID-19 Pandemic and Beyond: Unveiling State-wide Patterns and Trends of Telecommuting in Relation to Transportation, Employment, Land Use, and Emissions in Calif. Mineta Transportation Institute, sierpień 2022. http://dx.doi.org/10.31979/mti.2022.2147.
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Telecommuting, the practice of working remotely at home, increased significantly (25% to 35%) early in the COVID-19 pandemic. This shift represented a major societal change that reshaped the family, work, and social lives of many Californians. These changes also raise important questions about what factors influenced telecommuting before, during, and after COVID-19, and to what extent changes in telecommuting have influenced transportation patterns across commute modes, employment, land use, and environment. The research team conducted state-level telecommuting surveys using a crowd-sourced platform (i.e., Amazon Mechanical Turk) to obtain valid samples across California (n=1,985) and conducted state-level interviews among stakeholders (n=28) across ten major industries in California. The study leveraged secondary datasets and developed regression and time-series models. Our surveys found that, compared to pre-pandemic levels, more people had a dedicated workspace at home and had received adequate training and support for telecommuting, became more flexible to choose their own schedules, and had improved their working performance—but felt isolated and found it difficult to separate home and work life. Our interviews suggested that telecommuting policies were not commonly designed and implemented until COVID-19. Additionally, regression analyses showed that telecommuting practices have been influenced by COVID-19 related policies, public risk perception, home prices, broadband rates, and government employment. This study reveals advantages and disadvantages of telecommuting and unveils the complex relationships among the COVID-19 outbreak, transportation systems, employment, land use, and emissions as well as public risk perception and economic factors. The study informs statewide and regional policies to adapt to the new patterns of telecommuting.
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Datta, Sandip, i Geeta Gandhi Kingdon. The Myth and Reality of Teacher Shortage in India: An Investigation Using 2019-20 Data. Research on Improving Systems of Education (RISE), grudzień 2021. http://dx.doi.org/10.35489/bsg-rise-wp_2020/072.
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This paper examines the widespread perception in India that the country has an acute teacher shortage of about one million teachers in public elementary schools, a view repeated in India’s National Education Policy 2020. Using official DISE data, we show that teacher vacancies cannot be equated with teacher shortages: while the number of teacher vacancies (in teacher-deficit schools) is 766,487, the number of teacher surpluses (in surplus-teacher schools) is 520,141, giving a net deficit of only 246,346 teachers in the country. Secondly, removing estimated fake student numbers from enrolment data greatly reduces the required number of teachers and raises the number of surplus teachers, converting the net deficit of 246,346 teachers into an estimated net surplus of 98,371 teachers. Thirdly, if we both remove estimated fake enrolment and also make a hypothetical change to the teacher allocation rule to adjust for the phenomenon of emptying public schools (which has slashed the national median size of public schools to a mere 63 students, and rendered many schools ‘tiny’), the estimated net teacher surplus rises to 239,800 teachers. Fourthly, we show that if government does fresh recruitment to fill the supposed approximately one-million vacancies as promised in National Education Policy 2020, the already modest national mean pupil-teacher-ratio of 25.1 would fall to 19.9, at a permanently increased fiscal cost of nearly Rupees 637 billion (USD 8.7 billion) per year in 2019-20 prices, which is higher than the individual GDPs of 50 countries that year. The paper highlights the major efficiencies that can result from evidence-based policy on minimum viable school-size, teacher allocation norms, permissible maximum pupil teacher ratios, and teacher deployment.
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Analysis of price change on the perceptions and use of DMPA among clients using reproductive health services in Uttar Pradesh, India. Population Council, 1998. http://dx.doi.org/10.31899/rh1998.1012.
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Depo-medroxy Progesterone Acetate (DMPA) is a progesterone-only injectable contraceptive that has been approved by the Government of India for provision in the commercial sector, where it is marketed under the brand name Depo-Provera. In 1996, it was available at rates between Rs. 140 to Rs. 180 per injection. At this price it is often beyond the reach of many women wanting a safe and effective contraceptive. In January 1996, DMPA was provided to women in three cities of Uttar Pradesh through Parivar Seva Sanstha’s (PSS) clinics at Rs. 150. In July 1996, as part of operations research (OR), the price was reduced in Agra to Rs. 50, in Varanasi to Rs. 0, and Lucknow to Rs. 100. Information was collected for 18 months to understand how price influenced demand, perceptions, and use of DMPA among urban women in Uttar Pradesh. This report states that DMPA appears to be an acceptable, safe method of contraception when offered with good client counseling and follow-up. More effective availability of the product at an affordable wholesale price in India would meet the needs of potential clients and facilitate the financial sustainability of the service by PSS.
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Monetary Policy Report - January 2022. Banco de la República, marzec 2022. http://dx.doi.org/10.32468/inf-pol-mont-eng.tr1-2022.
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Macroeconomic summary Several factors contributed to an increase in projected inflation on the forecast horizon, keeping it above the target rate. These included inflation in December that surpassed expectations (5.62%), indexation to higher inflation rates for various baskets in the consumer price index (CPI), a significant real increase in the legal minimum wage, persistent external and domestic inflationary supply shocks, and heightened exchange rate pressures. The CPI for foods was affected by the persistence of external and domestic supply shocks and was the most significant contributor to unexpectedly high inflation in the fourth quarter. Price adjustments for fuels and certain utilities can explain the acceleration in inflation for regulated items, which was more significant than anticipated. Prices in the CPI for goods excluding food and regulated items also rose more than expected. This was partly due to a smaller effect on prices from the national government’s VAT-free day than anticipated by the technical staff and more persistent external pressures, including via peso depreciation. By contrast, the CPI for services excluding food and regulated items accelerated less than expected, partly reflecting strong competition in the communications sector. This was the only major CPI basket for which prices increased below the target inflation rate. The technical staff revised its inflation forecast upward in response to certain external shocks (prices, costs, and depreciation) and domestic shocks (e.g., on meat products) that were stronger and more persistent than anticipated in the previous report. Observed inflation and a real increase in the legal minimum wage also exceeded expectations, which would boost inflation by affecting price indexation, labor costs, and inflation expectations. The technical staff now expects year-end headline inflation of 4.3% in 2022 and 3.4% in 2023; core inflation is projected to be 4.5% and 3.6%, respectively. These forecasts consider the lapse of certain price relief measures associated with the COVID-19 health emergency, which would contribute to temporarily keeping inflation above the target on the forecast horizon. It is important to note that these estimates continue to contain a significant degree of uncertainty, mainly related to the development of external and domestic supply shocks and their ultimate effects on prices. Other contributing factors include high price volatility and measurement uncertainty related to the extension of Colombia’s health emergency and tax relief measures (such as the VAT-free days) associated with the Social Investment Law (Ley de Inversión Social). The as-yet uncertain magnitude of the effects of a recent real increase in the legal minimum wage (that was high by historical standards) and high observed and expected inflation, are additional factors weighing on the overall uncertainty of the estimates in this report. The size of excess productive capacity remaining in the economy and the degree to which it is closing are also uncertain, as the evolution of the pandemic continues to represent a significant forecast risk. margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. The technical staff revised its GDP growth projection for 2022 from 4.7% to 4.3% (Graph 1.3). This revision accounts for the likelihood that a larger portion of the recent positive dynamic in private consumption would be transitory than previously expected. This estimate also contemplates less dynamic investment behavior than forecast in the previous report amid less favorable financial conditions and a highly uncertain investment environment. Third-quarter GDP growth (12.9%), which was similar to projections from the October report, and the fourth-quarter growth forecast (8.7%) reflect a positive consumption trend, which has been revised upward. This dynamic has been driven by both public and private spending. Investment growth, meanwhile, has been weaker than forecast. Available fourth-quarter data suggest that consumption spending for the period would have exceeded estimates from October, thanks to three consecutive months that included VAT-free days, a relatively low COVID-19 caseload, and mobility indicators similar to their pre-pandemic levels. By contrast, the most recently available figures on new housing developments and machinery and equipment imports suggest that investment, while continuing to rise, is growing at a slower rate than anticipated in the previous report. The trade deficit is expected to have widened, as imports would have grown at a high level and outpaced exports. Given the above, the technical staff now expects fourth-quarter economic growth of 8.7%, with overall growth for 2021 of 9.9%. Several factors should continue to contribute to output recovery in 2022, though some of these may be less significant than previously forecast. International financial conditions are expected to be less favorable, though external demand should continue to recover and terms of trade continue to increase amid higher projected oil prices. Lower unemployment rates and subsequent positive effects on household income, despite increased inflation, would also boost output recovery, as would progress in the national vaccination campaign. The technical staff expects that the conditions that have favored recent high levels of consumption would be, in large part, transitory. Consumption spending is expected to grow at a slower rate in 2022. Gross fixed capital formation (GFCF) would continue to recover, approaching its pre-pandemic level, though at a slower rate than anticipated in the previous report. This would be due to lower observed GFCF levels and the potential impact of political and fiscal uncertainty. Meanwhile, the policy interest rate would be less expansionary as the process of monetary policy normalization continues. Given the above, growth in 2022 is forecast to decelerate to 4.3% (previously 4.7%). In 2023, that figure (3.1%) is projected to converge to levels closer to the potential growth rate. In this case, excess productive capacity would be expected to tighten at a similar rate as projected in the previous report. The trade deficit would tighten more than previously projected on the forecast horizon, due to expectations of an improved export dynamic and moderation in imports. The growth forecast for 2022 considers a low basis of comparison from the first half of 2021. However, there remain significant downside risks to this forecast. The current projection does not, for example, account for any additional effects on economic activity resulting from further waves of COVID-19. High private consumption levels, which have already surpassed pre-pandemic levels by a large margin, could be less dynamic than expected. And the normalization of monetary policy in the United States could come more quickly than projected in this report, which could negatively affect international financing costs. Finally, there remains a significant degree of uncertainty related to the duration of supply chocks and the degree to which macroeconomic and political conditions could negatively affect the recovery in investment. External demand for Colombian goods and services should continue to recover amid significant global inflation pressures, high oil prices, and less favorable international financial conditions than those estimated in October. Economic activity among Colombia’s major trade partners recovered in 2021 amid countries reopening and ample international liquidity. However, that growth has been somewhat restricted by global supply chain disruptions and new outbreaks of COVID-19. The technical staff has revised its growth forecast for Colombia’s main trade partners from 6.3% to 6.9% for 2021, and from 3.4% to 3.3% for 2022; trade partner economies are expected to grow 2.6% in 2023. Colombia’s annual terms of trade increased in 2021, largely on higher oil, coffee, and coal prices. This improvement came despite increased prices for goods and services imports. The expected oil price trajectory has been revised upward, partly to supply restrictions and lagging investment in the sector that would offset reduced growth forecasts in some major economies. Elevated freight and raw materials costs and supply chain disruptions continue to affect global goods production, and have led to increases in global prices. Coupled with the recovery in global demand, this has put upward pressure on external inflation. Several emerging market economies have continued to normalize monetary policy in this context. Meanwhile, in the United States, the Federal Reserve has anticipated an end to its asset buying program. U.S. inflation in December (7.0%) was again surprisingly high and market average inflation forecasts for 2022 have increased. The Fed is expected to increase its policy rate during the first quarter of 2022, with quarterly increases anticipated over the rest of the year. For its part, Colombia’s sovereign risk premium has increased and is forecast to remain on a higher path, to levels above the 15-year-average, on the forecast horizon. This would be partly due to the effects of a less expansionary monetary policy in the United States and the accumulation of macroeconomic imbalances in Colombia. Given the above, international financial conditions are projected to be less favorable than anticipated in the October report. The increase in Colombia’s external financing costs could be more significant if upward pressures on inflation in the United States persist and monetary policy is normalized more quickly than contemplated in this report. As detailed in Section 2.3, uncertainty surrounding international financial conditions continues to be unusually high. Along with other considerations, recent concerns over the potential effects of new COVID-19 variants, the persistence of global supply chain disruptions, energy crises in certain countries, growing geopolitical tensions, and a more significant deceleration in China are all factors underlying this uncertainty. The changing macroeconomic environment toward greater inflation and unanchoring risks on inflation expectations imply a reduction in the space available for monetary policy stimulus. Recovery in domestic demand and a reduction in excess productive capacity have come in line with the technical staff’s expectations from the October report. Some upside risks to inflation have materialized, while medium-term inflation expectations have increased and are above the 3% target. Monetary policy remains expansionary. Significant global inflationary pressures and the unexpected increase in the CPI in December point to more persistent effects from recent supply shocks. Core inflation is trending upward, but remains below the 3% target. Headline and core inflation projections have increased on the forecast horizon and are above the target rate through the end of 2023. Meanwhile, the expected dynamism of domestic demand would be in line with low levels of excess productive capacity. An accumulation of macroeconomic imbalances in Colombia and the increased likelihood of a faster normalization of monetary policy in the United States would put upward pressure on sovereign risk perceptions in a more persistent manner, with implications for the exchange rate and the natural rate of interest. Persistent disruptions to international supply chains, a high real increase in the legal minimum wage, and the indexation of various baskets in the CPI to higher inflation rates could affect price expectations and push inflation above the target more persistently. These factors suggest that the space to maintain monetary stimulus has continued to diminish, though monetary policy remains expansionary. 1.2 Monetary policy decision Banco de la República’s board of directors (BDBR) in its meetings in December 2021 and January 2022 voted to continue normalizing monetary policy. The BDBR voted by a majority in these two meetings to increase the benchmark interest rate by 50 and 100 basis points, respectively, bringing the policy rate to 4.0%.