This paper introduces a novel ratio-based framework for analyzing how consumer heterogeneity translates into product differentiation in vertically structured monopoly markets. We consider a monopolist facing a continuum of consumers and a strictly convex production cost function and identify...

Tourist satisfaction models typically assume that service performance dimensions carry the same weight for all travelers. Drawing on Bourdieu, we reconceptualize age, gender, and region of origin as demographic capital, durable resources that mediate how visitors decode service cues. Using a...

In this event study, we analyze the effect of market segmentation on stock returns in Europe amid extreme weather events. We show that local institutional ownership (LIO) mitigates the negative effect of the uncertainty from the occurrence of extreme weather events on stock prices. We assess...