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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
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