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Why are Prices Sticky? The Dynamics of Wholesale Gasoline Prices
Davis, Michael C.; Hamilton, James D. - 2021
The menu-cost interpretation of sticky prices implies that the probability of a price change should depend on the past history of prices and fundamentals only through the gap between the current price and the frictionless price. We find that this prediction is broadly consistent with the...
Persistent link: https://www.econbiz.de/10013247247
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Regulation, Distribution Efficiency, and Retail Density
Flath, David - 2021
After outlining characteristics of Japan's distribution sector, a comprehensive international comparison of it to those of other nations is presented and analyzed for underlying differences. This leads to an explanation of Japan's retail store density, which is then related to the structure of...
Persistent link: https://www.econbiz.de/10013230963
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Market Segmentation and the Sources of Rents from Innovation : Personal Computers in the Late 1980'S
Bresnahan, Timothy; Stern, Scott; Trajtenberg, Manuel - 2021
This paper evaluates the sources of transitory market power in the market for personal computers (PCs) during the late 1980's. Our analysis is motivated by the coexistence of low entry barriers into the PC industry and high rates of innovative investment by a small number of PC manufacturers. We...
Persistent link: https://www.econbiz.de/10013245713
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The Theory of Allocation and its Implications for Marketing and Industrial Structure
Carlton, Dennis W. - 2021
This paper identifies a cost of using the price system and from that develops a general theory of allocation. The … theory explains why a buyer's stochastic purchasing behavior matters to a seller. This leads to a theory of optimal customer … mix much akin to the theory of optimal portfolio composition. It is the job of a firm's marketing department to put …
Persistent link: https://www.econbiz.de/10013229126
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Pass-Through in Retail and Wholesale
Nakamura, Emi - 2010
This paper studies how prices comove across products, firms and locations to gauge the relative importance of retailer versus manufacturer-level shocks in determining prices. I make use of a large panel data set on prices for a cross-section of retailers in the U.S. I analyze prices at the...
Persistent link: https://www.econbiz.de/10012759358
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The Industrial Revolution in Services
Hsieh, Chang-Tai - 2019
The rise in national industry concentration in the US between 1977 and 2013 is driven by a new industrial revolution in three broad non-traded sectors: services, retail, and wholesale. Sectors where national concentration is rising have increased their share of employment, and the expansion is...
Persistent link: https://www.econbiz.de/10012868346
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The Efficiency of Real-World Bargaining : Evidence from Wholesale Used-Auto Auctions
Larsen, Bradley - 2014
This study empirically quantifies the efficiency of a real-world bargaining game with two-sided incomplete information. Myerson and Satterthwaite (1983) and Williams (1987) derived the theoretical ex-ante efficient frontier for bilateral trade under two-sided uncertainty and demonstrated that it...
Persistent link: https://www.econbiz.de/10013047786
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The Effect of Post-and-Hold Laws on Alcohol Consumption
Saffer, Henry - 2015
This paper estimates the effects of post-and-hold laws on alcohol consumption and price. Post-and-hold laws require alcohol wholesalers to provide a list of prices to the state, which can be reviewed by retailers, competitors and the public. These laws were generally enacted at the end of...
Persistent link: https://www.econbiz.de/10013019113
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A Quantitative Analysis of Pricing Behavior in California'S Wholesale Electricity Market During Summer 2000
Joskow, Paul L.; Kahn, Edward - 2021
We simulate competitive benchmark wholesale prices for electricity in California during the summer of 2000, taking account of changes in natural gas prices, electricity demand, and imports of electricity from other states during this time period. We also examine the impact of changes in the...
Persistent link: https://www.econbiz.de/10013233014
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Biases in Static Oligopoly Models? Evidence from the California Electricity Market
Kim, Dae-Wook; Knittel, Christopher R. - 2021
Estimating market power is often complicated by the lack of reliable measures of marginal cost. Instead, policy-makers often rely on other summary statistics of the market, thought to be correlated with price cost margins---such as concentration ratios or the HHI. In many industries, these...
Persistent link: https://www.econbiz.de/10013234077