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A review of structural discrete-continuous models of demand incorporating the multiple choice of consumers

Kochkina N.A. National Research University Higher School of Economics - Perm, Perm, Russian Federation ( kochkina.nataliya@gmail.com )

Journal: Economic Analysis: Theory and Practice, #39, 2015

Subject The need to model and estimate the demand function continues to be relevant. Structural discrete-continuous models of demand appeared in 2000. They enable to provide a mathematical description of choice situations.
     Objectives The objectives are to analyze the existing structural discrete-continuous models of demand, which allow simulating multiple choice of the individual, to compare different models and reveal the most topical areas for future research.
     Results I present a common approach to modeling the multiple choice situations, i.e. formalize the problem of consumer choice. The study includes a critical analysis of the models, considers the existing utility function specifications, and demonstrates their main advantages and disadvantages.
     Conclusions I propose two major areas for future research in this sphere: developing the flexible specifications of the utility function, which make it possible to consider the effects of substitution and complementarity, and designing the algorithms, which enable prompt estimation of such models.


Determinants of private label performance in the retail sector

Baidina K.O. National Research University Higher School of Economics, Perm, Russian Federation ( kseniia.baidina@gmail.com )

Kochkina N.A. National Research University Higher School of Economics, Perm, Russian Federation ( kochkina.nataliya@gmail.com )

Potapov D.B. National Research University Higher School of Economics, Perm, Russian Federation ( dbpotapov@gmail.com )

Journal: Economic Analysis: Theory and Practice, #10, 2017

Importance The number of Russian retail chains introducing private labels (PL) is increasing. This is explained by potential positive marketing effects, like the possibility to differentiate retailers' assortment versus their competitors' one and increase customer loyalty. However, despite the issue is highly relevant for retailers, the factors influencing the private label performance are still understudied by the Russian academic community. To the best of our knowledge, our article is the first attempt to conduct an empirical study of PL performance. It rests on sales data of a Perm Krai-based retail chain.
Objectives The purpose of the study is to reveal factors impacting the performance of PLs in a single product category.
Methods The research relies on evaluation of econometric model using the least square method.
Results The findings show that the PL price that is significantly lower than that of competitors does not influence the market share in the category. We also found that fewer PL competitors and discount campaigns enable to increase the market share of PL.
Conclusions and Relevance Based on the findings, retailers may improve their PL promotion policy. For instance, if consumers do not respond to changes in PL prices (in case they are significantly lower than prices for other brands in the category), retailers may decide to increase the PL price to earn higher profit.


Identification of hybrid dynamic models: the case of the regional wholesale electricity market

Popova E.A. National Research University - Higher School of Economics, Perm, Russian Federation ( popova.ewgeniya@gmail.com )

Kochkina N.A. National Research University - Higher School of Economics, Perm, Russian Federation ( kochkina.nataliya@gmail.com )

Journal: Regional Economics: Theory and Pactice, #40, 2014

Importance Studying the behavior of consumers and producers in a competitive wholesale market of Russia and the formation of the equilibrium price stay topical in the field of electric power industry.
     Objectives The relationship between such parameters as the consumption and price of electricity is a subject of particular interest and the subject of our study. We have also considered some other factors inherent in such researches.
     Methods To investigate all these questions, we suggest a continuously-discrete (hybrid) model of functional-differential equations of wholesale electricity market for a macroregion of Russia, i.e. the united energy system in the Ural region. The distinguishing feature of the model is that one of the continuous nature of demand and the discrete nature of electricity prices that logically follows from the analysis of regulations of the wholesale electricity market of Russia. The constructed model takes into account the specifics of the joint power grid in the Ural region, which lies in the possibility of sudden changes in loading the power plants. In this paper, we propose a method for identifying such type of models. Estimation of parameters of the model is calculated as the solution to the problem of minimization of errors on a form of integral differential equation and the traditional regression equation. The model at the joint power grid in the Ural region was identified in monthly dynamics of August, 2011 to February, 2014.
     Results The analysis of the model has confirmed the hypothesis of reciprocal influences of consumption and electricity prices. In addition, the analysis shows the significance of the factors characterizing the change in power generating capacities on the territory of the united energy system of the Ural region in the formation of the equilibrium price for electricity.
     Relevance The constructed model is the first hybrid model in the wholesale electricity market, and the proposed method of identification is one of the possible methods for the identification of such models.


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