• 한국의류학회지
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• 제27권8호
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• pp.1004-1013
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• 2003

This study addressed an ill-understood issue of a price response model and a monopolistic price interval of fashion goods. The concept of monopolistic price interval introduced by Gutenberg has been rarely applied to the fashion goods, which is known as price sensitive goods. Thus, this study examined the price insensitive zone of the blue jean. The data of 268 respondents were analyzed using Choice-based Conjoint (CBC) analysis and t-test. Considering brand consideration set as a price determinant, we found the presence of monopolistic price interval of the jean. The results obtained from the CBC analysis showed that the bigger the size of brand consideration set, the shorter the monopolistic interval. This implied that the consumer who had a small brand consideration set was more likely to have a longer monopolistic price interval than the one who had a large brand consideration set, since the consumer with a small consideration set tended to value brand itself more than price. Although significant monopolistic price intervals were shown only for the three jean brands out of the seven, to reduce the size of brand consideration set and to increase brand loyalty were found important in maximizing firms'financial profits.

• 통상정보연구
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• 제10권3호
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• pp.355-367
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• 2008

The purpose of this study is to estimate and analyse the relationship between Chinese price and the price of Korea, United States, and Japan. First of all, We test for a unit-root for stability of variable. This paper employs GPH cointegration test since the model must be stationary to get the accurate predicted values. The empirical results show that the model is mean-reverting. This paper also applies impulse-response functions to the model. The empirical results show that the price of Korea, United States, and Japan respond positively to the shocks in Chinese price and then decay slowly.

• 복식
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• 제64권2호
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• pp.35-49
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• 2014

In cases of fashion businesses operating by consignment, base estimate on quantity of sales is the most essential part of merchandising. This study classified factors influential to sales into factors with systematic influence and factors with unsystematic influence. In order to find out influence of each factor on sales, non-linear regression was used with SPSS package on the basis of actual data on sales for 5 years for sport shoes brand. Major findings of this study are as follows. First, price level had significant negative(-) influence on sales. Second, price expectation effects had significant negative(-) influence on sales. Third, competitor's price effect showed significant negative(-) value. Fourth, day-of-the-week effect showed significant positive(+) effect. The theoretical marketing implications of this study are as follows. First, study on price leads to expansion of the researches from apparels to sport shoes. Field of study on price was enlarged through expansion of variable of study from price level and price expectation effect to promotion, day-of-the-week effect and rainfall effect. Second, quantitative scale of day-of-the-week effect was found and it could be confirmed that there was seasonal differences with day-of-the-week effect. Implications of above findings on marketing managers are as follows. First, it was found that an increase in competitiveness of brand power and a decline in absolute value of competitor's price effect can be realized when new product groups are developed to meet the unsatisfied needs in the market. Second, it was possible to find out the parameters scales of the price response function, making it possible to estimate sales for the next season, and in turn realize increase in rate of sales and profit rate. This research is based on the dynamic price response function, which is rare to find in the apparel business and it academic significance due to its expanding response model which was focused on price in conventional researches to non-systematic variables.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.99-110
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• 2021

This study aims to examine empirically the industry and economic fundamental factors that affect the stock prices of the leading palm oil company in Indonesia. The dynamics of stock price are analyzed using the autoregressive distribution lag (ARDL) model both for symmetric and asymmetric effects. The data used in this study are monthly data for the period from 2008:01 to 2020:03. In the long run, the company stock price moves in line with the competitor company stock price at the current time. The palm oil price has a positive effect on the stock price. Meanwhile, inflation negatively affects the stock price in the short run. The estimated equilibrium correction coefficient indicates a reasonably quick correction of the distortion of the stock price equilibrium in monthly dynamics. However, fundamental factors have asymmetric effects, especially the response of stock price when these factors decrease rather than increase in the short run. Stock prices that are responsive to declines in fundamental performance should be of particular concern to both investors and management in their strategic decision making. The results of this study will contribute to the enrichment of literature related to stock prices from the viewpoint of economic analysis on firm-level data.

• 한국의류학회지
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• 제28권9_10호
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• pp.1273-1281
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• 2004

가격반응함수는 각 가격대별로 판매량의 변화를 추적한 함수이다. 가격에 판매량을 곱하면 판매량이 되고, 여기에 비용을 차감하면 이익이 된다. 따라서 가격반응함수는 상표나 제품의 이익을 최대로 하는 가격을 찾는 바탕이다 컨조인트분석은 고객시각에서 가격반응함수를 도출하는데 신뢰성 높은 방법으로 적극적으로 권해지고 있으나, 고려상표군을 고려하지 못한다는 단점이 지적되어 왔다 이 연구는 고려상표군을 측정할 수 있는 컨조인트분석의 한 변종으로 2단계 컨조인트분석을 개발하여 미국의 한 도시의 청바지 시장에 적용하였다. 그 결과, 고려상표군 정보를 가진 가격반응함수와 그렇지 않은 가격반응함수 간의 특정가격대별 선택확률과 가격탄력성에 차이가 발생함이 발견되었다. 고려상표군 형성이 소비자의 구매의사결정과정의 한 단계임을 고려할 때, 고려상표군 정보를 가진 가격반응함수로 소비자의 가격반응을 추적하는 것이 필요함이 이 연구를 통해 실증되었다.

• 수산경영론집
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• 제45권2호
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• pp.29-38
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• 2014

This study is to analyse the timing of the structural change of price volatility and the asymmetry of price volatility during the period before and after the timing of the structural change of price volatility using Jeju Farming Olive Flounder's production area market price data from January 1, 2007 to June 30, 2013. The analysis methods of Quandt-Andrews break point test and Threshold GARCH model are employed. The empirical results of this study are summarized as follows: First, the result of Quandt-Andrews break point test shows that a single structural change in price volatility occurred on May 4, 2010 over the sample period. Second, during the period before structural change, daily price change rate has averagely positive value which means price increase, but during the period after structural change daily price change rate has averagely negative value which means price decrease. Also, daily volatility of price change rate during the period before structural change is higher than during the period after structural change. This indicates that price volatility decreases after structural change. Third, the estimation results of Threshold GARCH Model show that the volatility response against price increase is larger during the period after structural change than during the period before structural change. Also the result shows the volatility response against price decrease is larger during the period after structural change than during the period before structural change. And, irrespective of the timing of structural change, price increase has an larger effect on volatility than price decrease. This means volatility is asymmetric at price increase.

• 한국의류학회지
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• 제26권11호
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• pp.1605-1614
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• 2002

The purpose of this study was to identify the consumers who use the level of price as the indicator of the product quality. In order to implement the purpose of this study, Jeans market had been segmented by the mixture regression model, and price response function was calibrated for each segment. Based on the types of price response function, segments were allocated into one of two groups; the group using the level of price as the quality indicator or the group not using the level of price as that. Then, characteristics of both groups were compared in terms of product attributes and demographic variables. Data were co]looted from the sample of the 23o undergraduate and graduate students in Seoul. For the data analysis, mixture regression model, conjoint analysis, and t-test were used. As a result, jeans market was divided into 5 segments. Segment 1,2,3 were allocated into the group not using the level of price as the quality indicator while segment 4,5 were done into the other group. Significant differences existed between two groups in product attributes, not in demographic variables. Mixture model and conjoint analysis were proved to be an effective set of tools in market segmentation.

• 수산경영론집
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• 제46권1호
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• pp.93-107
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• 2015

This study aims to analyze causalities among Hairtail prices by distribution channel using a vector autoregressive model. This study applies unit-root test for stability of data, uses Granger causality test to know interaction among Hairtail Prices by distribution channel, and employes the vector autoregressive model to estimate statistical impacts among t-2 period variables used in model. Analyzing results of this study are as follows. First, ADF, PP, and KPSS tests show that the change rate of Hairtail price by distribution channel differentiated by logarithm is stable. Second, a Granger causality test presents that the producer price of Hairtail leads the wholesale price and then the wholesale price leads the consumer price. Third, the vector autoregressive model suggests that the change rate of Hairtail producer price of t-2 period variables statistically, significantly impacts change rates of own, wholesale, and consumer prices at current period. Fourth, the impulse response analysis indicates that impulse responses of the structural shocks with a respectively distribution channel of the Hairtail prices are relatively more powerful in own distribution channel than in other distribution channels. Fifth, a forecast error variance decomposition of the Hairtail prices points out that the own price has relatively more powerful influence than other prices.

• Ocean and Polar Research
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• 제40권1호
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• pp.49-58
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• 2018

This study aimed to analyze the causality of hairtail prices among import and domestic distribution channels using a Vector Error Correction Model(VECM). The results are as follows. First, since the ADF unit-root test suggests that each of the price variables, apart from retail price, has a unit root, the price variables should be 1st-differenced to secure the stability of the prices. Next, through the Johansen co-integration test, it was discovered that there are long-term relationships among the price variables. On the basis of the co-integration test, VECM analysis shows that the producer price has a long-run balance with the import and wholesale prices. In particular, when the prices deviate from the balance, the producer price dynamically adjusts to return to the long-term relationship among prices. It also indicates that the producer price has an impact on the import, wholesale, and retail prices in the short-term, and the import price has an influence on the producer and wholesale prices. In addition, the impulse response analysis demonstrates that the impulse of import and producer prices has a lasting impact on each of the prices.

• Ocean and Polar Research
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• 제36권4호
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• pp.327-341
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• 2014

This study aims to analyze causality among Wando abalone producer prices by size using a vector autoregressive model to expiscate the leading-price of Wando abalone in various price classes by size per kg. This study, using an analytical approach, applies a unit-root test for stability of data, a Granger causality test to learn about interaction among price classes by size for Wando abalone, and a vector autoregressive model to estimate the statistical impact among t-1 variables used in the model. As a result of our leading-price analysis of Wando abalone producer prices by shell size using a VAR model, first, DF, PP, and KPSS tests showed that the Wando abalone monthly price change rate by size differentiated by logarithm were stable. Second, the Granger causality relationship analysis showed that the price change rate for big size abalone weakly led the price change rate for the small and medium sizes of abalone. Third, the vector autoregressive model showed that three price change rates of t-1 period variables statistically, significantly impacted price change rates of own size and other sizes in t period. Fourth, the impulse response analysis indicated that the impulse responses of structural shocks for price change rate for big size abalone was relatively more powerful in its own size and in other sizes than shocks emanating from other sizes. Fifth, the variance decomposition analysis indicated that the price change rate for big size abalone was relatively more influential than the price change rates for medium and small size abalone.