Screening and Attracting Consumers with Salient-thinking Behavior

학위논문 (석사)-- 서울대학교 대학원 : 경제학부, 2014. 8. 김진우.In this paper, we analyze a market with salient-thinking consumers who have different willingness-to-pay for a unit quality of the good. Specifically, we use a utility function recently introduced by Bordalo, Gennaioli, and Shleifer (2013b) to model the salient-thinking consumers. In the first part of the paper, we solve the screening problem of a monopolist facing such consumers. We find that optimal screening results in a market where price is salient rather than quality with or without asymmetric information on the consumers' types. In the second part, we allow the monopolist to offer bundles -- `decoy bundles' -- not really intended to sell, but to attract the consumers to some target bundles that the monopolist does intend to sell. This is possible because the consumer's utility depends on the offered menu, or the context, itself and thus the monopolist has an option to add such bundles if profitable. We find that the seller has an incentive to add decoy bundles to make the target bundles quality-salient so that she can extract more profit from the consumers. Doing so results in welfare loss on the consumers' side. The first half and the second half combined provide a characterization of the monopolist's problem in a market with salient-thinking consumers.1 Introduction 1 2 The Model 3 3 Optimal Pooling and Screening 8 3.1 Pooling menu 9 3.2 Screening menu under symmetric information 10 3.3 Screening menu under asymmetric information 11 4 Optimal Menus with Decoy Bundles 13 4.1 Pooling menu with decoy 14 4.2 Screening menu with decoy under symmetric information 17 4.3 Screening menu with decoy under asymmetric information 18 5 Discussions and Concluding Remarks 21 5.1 Monopolist profit 21 5.2 Consumer utility 23 5.3 Possible extensions 24 6 References 26 A Proofs 27 A.1 Proof of Proposition 1 27 A.2 Proof of Lemma 1 29 A.3 Proof of Proposition 2 30 A.4 Proof of Lemma 2 31 A.5 Proof of Proposition 3 34 A.6 Proof of Proposition 4 35Maste

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