This paper studies conditions under which prices are sticky in a non-competitive market even though there is no menu cost associated with price changes. We posit that a typical seller encounters a series of repeat-buyers some of whom may revise their reservation prices (in an unknown fashion) if...

In economics destitution is traditionally interpreted as a product of labour market exclusion. Our work departs from the dominant models of poverty by considering destitution among a specific category of workers known as the working poor. Low wages and job insecurity in the informal sector in...