How and Why Identical Goods Are Priced Differently—Sim Lim Square—A Case Study

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Joshua, Weng Yew Wong

Business Technology

How and Why Identical Goods Are
Priced Diﬀerently: Sim Lim Square
– A Case Study
Melissa Lorraine Chua Jialing
Goh Shou Xian
Goh Yong Min
Charlene Soh Yan Ling
Joshua Wong Weng Yew
Vincent Fu Jing Cai (MIA)

Introduction

• We spend a lot of our time on our
computers
• Fast changing technology
• We want to help you make better
buying decisions when you shop for
computers

Price Detectives
• We went down to Sim
Lim Square disguised
as computer shoppers
• Formed a shopping
list
• Asked 3 shops on
each of the two levels
selling computers (4 &
5) for their prices

Market structure

Expected to be perfect competition

Anomaly: Charging different prices

Bundling products

Distance from elevators

Why we used the Bertrand Model to
understand shops’ pricing

Goods involved are identical,
homogeneous

Shops have different prices and
compete solely on prices

The Bertrand Model of shops
P1 & P2 = Prices of 2 shops

45 degree line = Prices in
which 2 shops are equal

P1(P2) = Reaction function
of Shop 1

Implications from our study

Shops are not in collusion (They sell
at different prices)
Different prices imply that they are
in a process of lowering prices
Consumers may have imperfect
information on prices

Search Theory

We only search for a lower price
when the expected average beneﬁt
(saving) is more than the cost.
Costs of searching
Beneﬁts of searching
Firms nearer the elevators know
this…

Conclusion
If you want to buy cheaper
products from Sim Lim Square,
go to shops

Conclusion
If you want to buy cheaper
products from Sim Lim Square,
go to shops
further away from
the elevators.

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How and Why Identical Goods Are Priced Differently—Sim Lim Square—A Case Study

1. How and Why Identical Goods Are Priced Diﬀerently: Sim Lim Square – A Case Study Melissa Lorraine Chua Jialing Goh Shou Xian Goh Yong Min Charlene Soh Yan Ling Joshua Wong Weng Yew Vincent Fu Jing Cai (MIA)

2. How and Why Identical Goods Are Priced Diﬀerently: Sim Lim Square – A Case Study Melissa Lorraine Chua Jialing Goh Shou Xian Goh Yong Min Charlene Soh Yan Ling Joshua Wong Weng Yew Vincent Fu Jing Cai (MIA)

3. Introduction • We spend a lot of our time on our computers • Fast changing technology • We want to help you make better buying decisions when you shop for computers

4. Price Detectives • We went down to Sim Lim Square disguised as computer shoppers • Formed a shopping list • Asked 3 shops on each of the two levels selling computers (4 & 5) for their prices

5. Findings

6. Limitations

7. Market structure Expected to be perfect competition Anomaly: Charging different prices Bundling products Distance from elevators

8. Why we used the Bertrand Model to understand shops’ pricing Goods involved are identical, homogeneous Shops have different prices and compete solely on prices

9. The Bertrand Model of shops P1 & P2 = Prices of 2 shops 45 degree line = Prices in which 2 shops are equal P1(P2) = Reaction function of Shop 1

10. Implications from our study Shops are not in collusion (They sell at different prices) Different prices imply that they are in a process of lowering prices Consumers may have imperfect information on prices

11. Search Theory We only search for a lower price when the expected average beneﬁt (saving) is more than the cost. Costs of searching Beneﬁts of searching Firms nearer the elevators know this…

12.

13. And So...

14. Conclusion

15. Conclusion If you want to buy cheaper products from Sim Lim Square, go to shops

16. Conclusion If you want to buy cheaper products from Sim Lim Square, go to shops further away from the elevators.

17. Thank You Q&A

How and Why Identical Goods Are Priced Differently—Sim Lim Square—A Case Study

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