Thesis. 1978. Ph.D.--Massachusetts Institute of Technology. Alfred P. Sloan School of Management. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Bibliography : leaf 226. / Ph.D.

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published_or_final_version / Economics and Finance / Doctoral / Doctor of Philosophy

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21, [58] leaves : ill. ; 28 cm.

This study investigates the effects of competition on the pricing behavior of defense contractors. Prior research in this area has indicated a potential for significant price reductions associated with competition. Pricing data for five dual source subsystems of the AIM-9M Sidewinder missile were examined. Key findings of the study include: • The introduction of a second source led to increased price reductions by the first source; • The first source exhibited a greater price sensitivity to lot quantity changes than the second source: • The second source was immediately price competitive with the first source; and, • Each subsystem showed evidence of gaming. / Master of Arts

The value-based approach to defining quality was used to investigate the value perceptions of softwood lumber treaters in the United States. Conjoint measurement techniques were used to estimate the trade-offs treaters make between quality enhancing attributes and price. Five intrinsic lumber attributes and five service attributes were chosen for inclusion in the study based on Hansen (1994) and personal interviews with treaters. Price was represented in the study relative to the current market price. Data were gathered in two stages through mail surveys of softwood lumber buyers at treating plants located in the United States. In the first stage, value ratings of 20 hypothetical combinations of lumber attributes and 20 hypothetical combinations of service attributes were obtained along with demographic information. In the second stage, value ratings of 20 hypothetical total products (combinations of both lumber and service attributes) were obtained. Utility functions for lumber value and service value were determined using ordinary least squares regression. Treaters gave the most importance to wane when evaluating the value of lumber packs. Price emerged as the second most important attribute in influencing treaters' perceptions of lumber value. Respondents considered the importance of the remaining lumber attributes in the following order: accuracy of grading, damage to lumber pack, and lumber straightness. A model to estimate the value of any combination of the attributes included in the study was developed. Simulation results suggest that treaters are willing to sacrifice $15.00 more per a thousand board feet for wane free lumber versus lumber with the maximum allowable wane. In the same fashion, respondents’ price sensitivity to other lumber attributes was determined. A service value utility function was developed based on the perceived value ratings. Price was the most important attribute in determining service value perceptions. Among all service attributes, lumber availability emerged as the most important. The second most important attribute in the determination of service value was reputation of the supplier. Respondents considered the supplier's ability to deliver lumber when promised as the third most important service attribute. The attributes, Supplier's ability to handle problems professionally and the ease with which supplier can be contacted by phone played a minor role in influencing service value. Based on the lumber value and service value analyses, lumber and service attributes were chosen for the final stage of data collection. Using a mail survey, perceived value ratings for hypothetical total products (lumber and service attributes) were obtained from the same respondents who provided data for the first stage of the analysis. Respondents in general, gave more importance to lumber quality than to service quality. Wane emerged as the most important attribute in influencing total product value. Price was considered to be the second most important attribute in the determination of perceived total product value. Respondents gave more importance to lumber availability than to reputation of the supplier while evaluating overall value. Accuracy of grading was considered to be the least important total product attribute. The results show that softwood lumber firms can differentiate themselves by providing wane free lumber and providing at least average service quality to their customers. The improved understanding of treaters’' needs and trade-offs should enable softwood lumber companies to plan the marketing strategies to achieve short- and long-term objectives while providing the most value to treaters. / Ph. D.

This paper presents a model of the probability of price response to the previous periods inventory absolute and relative level for U.S. paper and paperboard industry. The initial part of the paper contains a theoretical analysis of the phenomenon. The proposed framework indicates that the inventory level plays an important leading role in the price adjustment. The model is then estimated with monthly data extending from 1980 to 1999. The LPM and Probit models are used to estimate the effect of absolute and relative inventory level on the probability of price variations. The estimated results are in agreement with the oligopolistic market condition of U.S. paper and paperboard industry, showing the price upward adjustment is sticker and rigid than the price downward adjustment while the output level is indifferent to the previous months inventory fluctuation.