Jens-Peter Loy
University of Kiel
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Featured researches published by Jens-Peter Loy.
Marine Resource Economics | 2016
Julia Bronnmann; Jens-Peter Loy; Karen J. Schroeder
ABSTRACT The production of farmed fish is growing rapidly and presents a sustainable and possibly low-cost alternative to wild fish. Thus, we may expect retail prices of farmed to be lower than prices of wild fish and demand to be less elastic. Otherwise, marketing of farmed fish may generate some extra value that justifies higher prices and may exhibit more elastic demand. To test these hypotheses, we employ monthly household scanner panel data for Germany from 2006 to 2010 for six frozen seafood products that include farmed and wild fish. A QUAIDS model is estimated by a consistent two-step procedure to account for censoring of the dependent variable. We find consumers to be price sensitive, particularly with regard to the high-value seafood species salmon and shrimp. This price elastic market implies that the German seafood industry still has the potential for growing revenues if production increases. JEL Codes: C32, C33, D12, Q22.
European Journal of Marketing | 2015
Janine Empen; Jens-Peter Loy; Christoph R. Weiss
Purpose – This article aims to estimate the relationship between brand loyalty and price promotions on the German yoghurt market. It considers consumer loyalty to various corporate brands and their respective sub-brands to analyze promotional strategies between and within certain corporate brands with a larger loyal consumer segment and a moderate strength of consumer loyalty are well suited for effective price promotions following the idea of loss leader by Lal and Matutes (1994). Design/methodology/approach – The paper’s approach follows Allender and Richards’ (2012) and extends to explicitly considering the product line management of every manufacturer in the market. In the first step, a random coefficient logit specification is estimated to compute measures of brand loyalty for each brand. In the second step, the relationship between brand loyalty measures and the frequency and depth of price promotions is analysed. Findings – The results suggest that weaker corporate brands are promoted more aggressi...
American Journal of Potato Research | 2011
Jens-Peter Loy; Sebastian Riekert; Carsten Steinhagen
The demand on the German potato market has been under significant change in the last decades. The use of potatoes has shifted from consumption of table stock potatoes to processed potato products. Pavlista and Feuz (American Journal of Potato Research, 82:339–343, 2005) describe the same development for the U.S. potato market and show that the demand has become more elastic after this shift. We test this hypothesis for the German market and find almost the same impact on the elasticity of demand. However, as the German reunification coincides with the shift in demand, its impact is indistinguishable from the underlying hypothesis.ResumenLa demanda en el mercado de papas alemanas ha estado bajo cambios significativos en las últimas décadas. El uso de la papa ha girado de consumo en fresco a productos procesados. Pavlista y Feuz (American Journal of Potato Research, 82:339–343, 2005) describen el mismo desarrollo para el mercado de papa en EUA, y muestran que la demanda se ha vuelto más elástica después de este giro. Nosotros probamos esta hipótesis para el mercado alemán y encontramos casi el mismo impacto en la elasticidad de la demanda. No obstante, a medida que la reunificación alemana coincide con el cambio en la demanda, su impacto no es distinguible de la hipótesis subyacente.
British Food Journal | 2009
Friedrich Hedtrich; Jens-Peter Loy; Rolf A. E. Müller
Purpose – The purpose of this paper is to evaluate the possible advantages of applying prediction markets to supply network management. Are the same encouraging results possible as in the election application of prediction markets?Design/methodology/approach – This is a paper focused on the requirements and the possible results of the application based on the literature for supply network management and prediction markets. It discusses the potential of prediction markets to improve information management in supply networks.Findings – The paper finds that prediction markets are a new instrument to collect the diverse information among the supply chain members, and to publish this information to the other members.Practical implications – Prediction markets are able to improve the information basis for decision making in supply chains.Originality/value – This paper shows the application of prediction markets in a supply network management case and the possibilities and limitations of prediction markets to co...
Food Economics - Acta Agriculturae Scandinavica, Section C | 2008
Larissa S. Drescher; Jutta Roosen; Silke Thiele; Gert Mensink; Stephan von Cramon-Taubadel; Jens-Peter Loy
Abstract Healthy food diversity (HFD) is a principle recommendation of nutrition societies around the world. This paper quantifies a diets value by analysing consumers’ willingness to pay (WTP) for HFD in Germany using hedonic price technique. The dependent variable is consumers’ per unit expenditure for food items. An instrumental-variable regression with a Box–Cox transformation is conducted with HFD and other nutritional characteristics as explanatory variables. The regression coefficients show that consumers have a positive preference for HFD, calories and vitamin C and a negative preference for calcium. The WTP for overall dietary quality, expressed by HFD, is lower than for caloric density. Consumers with high education levels and those who reveal a positive (negative) attitude towards health, manage to obtain HFD with less (more) costly food items per unit.
Food Economics - Acta Agriculturae Scandinavica, Section C | 2006
Jens-Peter Loy; Robert D. Weaver
Abstract Sales of fresh food products are a predominant feature in retail pricing around the world. Price-based sales offer significant price cuts in products for a limited time and are the most popular form of promotional sales in Europe. From a consumer perspective, it is of interest to determine whether such price-based sales are reflected in the price of typical market baskets, or whether they are financed by price increases for other products as suggested by the loss- leader hypothesis. Competitive market theories suggest that a sale signals a reduction in market basket price. Within this setting, this article empirically examines the implications of sales for the market basket prices. Results are drawn from analysis of a unique data set for fresh food items in German grocery stores over the period from 1995 to 2000. Results indicate that in the short-run the market basket price for fresh food decreases with the number of fresh food product sales, consistent with competitive pricing. However, over time, our dynamic modelling results are consistent with a dynamic form of the loss-leader hypothesis as evidence is found that market basket price increases over time overwhelming the short-run reduction. JEL classification: L11, D40
Applied Economics | 2018
Jens-Peter Loy; Carsten Steinhagen; Christoph R. Weiss; Birgit Koch
ABSTRACT We analyse the impact of local market power on price margins and different dimensions of price adjustment dynamics (speed and asymmetry of price transmission) using data for a large number of individual gasoline stations in Austria. Specific attention is paid to threshold effects in price adjustment. Our results clearly suggest that the speed of price transmission between the Brent crude oil index and retail diesel prices is higher in a more competitive environment. While evidence on the relationship between local market power and asymmetries in the speed of price adjustment is mixed, our findings regarding asymmetries in price thresholds are clear: in regions where competition from neighbouring rivals is weak and/or consumers’ price elasticity of demand is low (stations located on the highway), positive thresholds significantly exceed negative ones, which corresponds to the ‘rockets and feathers phenomenon’. As expected, we observe that prices are lower in more competitive local markets.
Archive | 2017
Jens-Peter Loy; Patrick Holzer
Erschienen im Jahrbuch der Österreichischen Gesellschaft für Agrarökonomie, Band 26: 3-12, Jahr 2017. http://oega.boku.ac.at. DOI: 10.24989/OEGA.JB.26.2 Mit zunehmenden saisonalen Preisausschlägen hat die Bedeutung der Getreideund Rapsvermarktung für landwirtschaftliche BetriebsleiterInnen in den letzten Jahren zugenommen. In der landwirtschaftlichen Beratungspraxis schlägt sich diese Entwicklung in der Erstellung von Benchmarks zur Bewertung des Vermarktungserfolges nieder. Die Aussagen dieser Analysen sind allerdings fraglich, wenn der Zufall das Benchmarking wesentlich beeinflusst. In diesem Beitrag wird gezeigt, dass diese Hypothese nicht von der Hand zu weisen ist. Viele der Betriebe erreichen nicht einmal das Ergebnis, das sich bei rein zufälliger Vermarktung einstellen würde. Schlagworte: Benchmarking, Vermarktungserfolg, Weizen, Raps
Journal of Agricultural Economics | 2014
Jens-Peter Loy; Thomas Glauben; Till Requate; Christoph R. Weiss
Standard double auctions perfectly mimic the neoclassical idea about the functioning of markets. The efficiency of the market outcome and speed of adjustment towards equilibrium have been studied in the literature to validate economic expectations. However, only a few real world examples outside the financial sector exist. In 2000, Germany implemented a sealed-bid double auction mechanism for trading milk quota. The two main features of this mechanism are: (1) a sealed-bid double auction that produces excess demands that are covered by state reserves free of charge, and (2) a variable price band that is used to exclude price bids above a certain range. To study these regulations a sealed-bid double auction experiment is simulated and run with students. It is shown that the regulations lead to significant losses in welfare that are caused by direct effects and by an imperfect adjustment of individual bidding behaviour. Further, learning effects throughout the experiments appear to be very limited. Thus, complex auction mechanisms may need to be thoroughly tested before being introduced in the real world.
Archive | 2011
Friedrich Hedtrich; Jens-Peter Loy; Rolf A. E. Müller
The ”Beer Distribution Game“, a business simulation game developed at MIT (Sterman, 1989), is familiar to most students of supply chain management. As all good games, the Beer Game teaches some important lessons. The key lesson from the Beer Game is that sharing of information among the members of a supply chain is crucial for the supply chain performance. Information and knowledge in firms, social networks and supply chains to manage decisions with effects in the future is often dispersed, only available to certain individuals or groups and consists of opinions, personal guesses and evaluations. The human component in information sourcing, adapting and processing has largely been neglected in supply chain research. But the adaption of personal information and beliefs are important sources for adaption to an uncertain and changing market environment (Kirzner, 1973). All business decisions are based on formal or informal forecasts about the future development of the market environment and the possible consequences of the decisions. So forecasts are a key skill in nearly every business situation. Forecasts vary in target, horizon, method, model, the team involved etc. Many approaches to forecast in fields of business interests neglect the information held by people in the respective firm. Inaccurate forecasts can result in substantial costs for a firm (Spann and Skiera, 2003). Instead of acknowledging the importance of good predictions for business success the managers invest in many cases little time and money and put less attention on the forecasting work. And mostly they neglect the information held by other persons in their own firm, e.g. workers in the production process, and outside the firm, e.g. consumers. There are two different approaches of forecasting methods: The first approach uses statistical methods to result a prediction out of existing data (e.g. by methods of time series econometrics); the second approach collects new data of the predicted object (e.g. consumer and expert surveys) (Armstrong, 2001). Both approaches have major weaknesses; the first approach needs reliable data only for known settings predictions can be estimated; the second approach lacks information on who to ask and how to aggregate the answers. Prediction Markets (PMs) are forecasting tools which employ digital network technology in order to aggregate diverse personal beliefs (forecasts) about the future into forecasts that tend to be better than forecasts by individual experts or by statistical forecasting methods.