Analyzing a large weekly retail transaction price dataset, we uncover a surprising regularity—small price increases occur more frequently than small price decreases for price changes of up to about 10 cents, while there is no such asymmetry for larger price changes. The asymmetry holds for the...

The model presented here derives the product life cycle of durable goods. It is based on the idea that the purchase process consists of first purchase and repurchase. First purchase is determined by the market penetration process (diffusion process), while repurchase is the sum of replacement...

If producers have more information than consumers about goods’ attributes, then they may use non-price (rather than price) adjustment mechanisms and, consequently, the market may reach a new equilibrium even if prices remain sticky. We study a situation where producers adjust the quantity (per...

In a two-good setting we axiomatize (a) preferences with subsistence consumption and (b) a generalized version of Leontief preferences. Our axiomatization allows for different levels of subsistence and captures the presence of poverty and prosperity. Our axioms are based on the irrelevance of...

We consider dynamic congestion in an urban setting where trip origins are spatially distributed. All travelers must pass through a downtown bottleneck in order to reach their destination in the CBD. Each traveler chooses departure time to maximize general concave scheduling utility. We find...

We analyze bargaining mechanisms for allocating resources in atomless econo- mies. We provide results proving that it is not necessary to consider the forma- tion of all coalitions in order to obtain the bargaining sets. This is shown under restrictions of different nature, triggering different...

This paper presents a comprehensive review of the econometric approaches for the analysis of tourism expenditure at individual level. The attempt to consider only regression models is novel in literature. The paper resumes 86 papers and 354 estimates of econometric models from data at individual...

This paper proposes a model of individual choice that does not assume completeness of the decision maker's preferences. The model helps explain in a natural way, and within a unied framework of choice in the presence of preference-incomparable options, three distinct behavioural phenomena: the...

We examine econometric and elementary economic theory issues arising from the model specification in Henderson, Storeygard and Weil (2012), that uses night light data to proxy for missing or unreliable GDP growth data. An alternative approach based on the expenditure function is outlined. It can...

On this note we introduce some behavioral hypothesis on the static version of Grossman model on the demand for health. Three behavioral hypotheses are considered in the static version of Grossman model: the status, the social pressure and trust. We show that a preference for status and for...