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首页> 外文期刊>Journal of marketing research >Endogeneity And Individual Consumer Choice
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Endogeneity And Individual Consumer Choice

机译：内生性与个人消费者选择

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摘要

In many markets, there is likely to be correlation both across periods in terms of the choices of one consumer and across consumers in terms of their choices in each period. The former is caused by consumer heterogeneity, and the latter may be the result of demand common shocks across consumers. Furthermore, if firms partially observe these common shocks, their market decisions may end up being endogenous and correlated with the common shocks. Because researchers cannot typically fully observe consumer heterogeneity and the common shocks, the estimation method must account for the endogeneity of firms' decisions. In this article, the authors present a test for endogeneity under unobserved consumer heterogeneity and common shocks, which is based on a quasi-likelihood estimation method, to estimate the model parameters consistently when endogenous firm behavior, unobserved heterogeneity, and common shocks are present. The test examines the differences in general method of moments coefficient estimates of a model with and without instrumenting for the explanatory variables. The authors show theoretically that in their estimation method, unobserved heterogeneity does not affect the consistency of the parameter estimates, but if it is not accounted for, endogeneity may bias the results. They present estimation results from simulated and scanner panel data.
机译：在许多市场中，就一个消费者的选择而言，各个时期之间可能存在相关性，而就每个时期的选择而言，各个消费者之间可能存在相关性。前者是由消费者的异质性引起的，后者可能是消费者之间需求共同冲击的结果。此外，如果公司部分地观察到这些共同冲击，那么他们的市场决策可能最终是内生的，并且与共同冲击相关。由于研究人员通常无法完全观察到消费者的异质性和共同的冲击，因此估算方法必须考虑企业决策的内生性。在本文中，作者提出了一种基于准似然估计方法的未观察到的消费者异质性和常见冲击下的内生性检验，以在存在内生企业行为，未观察到的异质性和常见冲击的情况下一致地估计模型参数。该测试检查模型在有无说明变量的情况下模型的矩系数估计的一般方法的差异。作者从理论上证明，在他们的估计方法中，未观察到的异质性不会影响参数估计的一致性，但是如果不加以考虑，内生性可能会偏向结果。他们提供了模拟和扫描仪面板数据的估计结果。

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