Brand‐Supermarket Demand for Breakfast Cereals and Retail Competition
扩展Berry-Levinsohn-Pakes模型至超市层面，分析波士顿37种早餐麦片的消费者选择和零售竞争，发现消费者对品牌和超市有强忠诚度，零售加价随市场份额增加而上升。
The Berry, Levinsohn, and Pakes (1995) market equilibrium model is extended to the supermarket chain level to examine consumer choices and retail competition for thirty‐seven brands of breakfast cereals in Boston. Estimated taste parameters for product characteristics vary significantly across consumers. Although consumers are price‐sensitive with respect to their chosen cereals, they exhibit strong brand and supermarket loyalty. Retail markups increase and marginal costs decrease with grocery market shares, attesting to oligopoly power with efficiencies. Markups decrease with the own‐price elasticity of demand, with Corn Flakes having the highest markups. A detailed picture of consumer response and supermarket competition is provided.