要不要groupon低折扣的盈利能力【外文翻譯】

1、外文翻譯外文翻譯原文原文ToGrouponNottoGroupon:TheProfitabilityofDeepDiscountsMaterialSource:HarvardbusinessschoolAuth:BenjaminEdelman，SoniaJaffeWeexaminetheprofitabilityimplicationsofonlinediscountvouchersanewmarketingtoolthatoffers

2、consumerslargediscountswhentheyprepayfparticipatingmerchants’goodsservices.Withinamodelofrepeatexperiencegoodpurchaseweexaminetwomechanismsbywhichadiscountvoucherservicecanbenefitaffliatedmerchants:pricediscriminationadv

3、ertising.Fvoucherstoprovidesuccessfulpricediscriminationthevaluationsofconsumerswhohaveaccesstovouchersmustsystematicallydifferfrom—belowerthan—thoseofconsumerswhodonothaveaccesstovouchers.Offeringvouchersismeprofitablef

4、merchantswhicharepatientrelativelyunknownfmerchantswithlowmarginalcosts.Extensionstoourmodelaccommodatethepossibilitiesofmultiplevoucherpurchasesmerchantpricereoptimization.Keywds:voucherdiscountsGrouponexperiencegoodsre

5、peatpurchase.1IntroductionAvarietyofwebsitesnowselldiscountvouchersfservicesasdiverseasrestaurantsskydivingmuseumvisits.Toconsumersdiscountvoucherspromisesubstantialsavings—often50%me.Tomerchantsdiscountvouchersofferoppt

6、unitiesfpricediscriminationaswellasexposuretonewcustomersonline“buzz.”BestknownamongvouchervendsisChicagobasedGrouponatwoyearoldstartupalreadytoutingatendigitvaluationpurptedlyrecentlyrejectinga$6billionacquisitionofferf

7、romGoogle(Surowiecki(2010)).HundredsofwebsitesofferdiscountschemessimilartothatofGroupon.Theriseofdiscountvoucherspresentsmanyintriguingquestions:Whoisliableifamerchantgoesbankruptafterissuingvouchersbutbefeperfmingitsse

8、rviceWhathappensifamerchantsimplyrefusestoprovidethepromisedserviceSinceToourknowledgetheonlypriacademicstudyofonlinevoucherdiscountsisthesurveywkofDholakia(2010).InthatwkDholakia(2010)pollsbusinessesthatofferedGroupondi

9、scounts.EchoingsentimentsexpressedinthepopularpressDholakia(2010)findsmixedempiricalresults:somebusinessownersspeakglowinglyofGrouponwhileothersregrettheirvoucherpromotions.UnlikethesurveyapproachofDholakia(2010)weseekto

10、understvoucherdiscounteconomicsonatheeticallevel.OurresultsindicatethatvoucherdiscountsarenaturallygoodfitsfcertaintypesofmerchantspofitsfothersthesetheeticalobservationscanhelpusinterprettherangeofreactionstoGrouponsimi

11、larservices.Althoughthereislittleacademicwkonvoucherdiscountsawellestablishedliteratureexplestheadvertisingpricingofexperiencegoodsi.e.goodsfwhichsomeacteristicscannotbeobservedpritoconsumption(Nelson(19701974)).Theparsi

12、moniousframewkofBils(1989)uponwhichwebaseourmodelstudieshowpricesofexperiencegoodsrespondtoshiftsindem.Bils(1989)assumesthatconsumersknowtheirconditionalvaluationsfafirm’sgoodsbutdonotknowwhetherthatfirm’sgoods“fit”until

13、theyhavetriedthem.AnalyzingoverlappingconsumergenerationsBils(1989)measuresthetradeoffbetweenattractingmefirsttimeconsumersextractingsurplusfromreturningconsumers.Meanwhilemuchofthewkonexperiencegoodsconcernsissuesofinfm

14、ationasymmetry:ifamerchant’squalityisunknowntoconsumersbutknowntothemerchantthenadvertising(Nelson(1974)MilgromRoberts(1986))introductyoffers(Shapiro(1983)MilgromRoberts(1986)Bagwell(1990))highinitialpricing(BagwellRidan

15、(1991)JuddRidan(1994)canprovidesignalsofquality.Ofthisliteraturetheclosesttooursubjectisthewkonintroductyoffers.Voucherdiscountsafmofdiscountedinitialpricingmayencourageconsumerstotryexperiencegoodstheyotherwisewouldhave

16、igned.Howeverweidentifythiseffectinasettingwithoutasymmetricinfmationregardingmerchantquality—consumerheterogeneitynotinfmationasymmetriesdrivesourmainresults.Additionallyourwkdiffersfromtheclassicalliteratureontheadvert

17、isementofexperiencegoodsasadvertisinginoursettingservesthepurposeofawarenessratherthansignaling.Asubstantialliteraturehasobservedthativediscountingprovidesopptunitiesfpricediscrimination.Fexamplemerchantsengageinsalepric