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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

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

Market Segmentation and the Sources of Rents from Innovation : Personal Computers in the Late 1980'S

Bresnahan, Timothy F.; 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

A Dynamic Model of Price Discrimination and Inventory Management at the Fulton Fish Market

Graddy, Kathryn; Hall, George J. - 2010

We estimate a dynamic profit-maximization model of a fish wholesaler who can observe consumer characteristics, set individual prices, and thus engage in third-degree price discrimination. Simulated prices and quantities from the model exhibit the key features observed in a set of high quality...

Persistent link: https://www.econbiz.de/10014046479

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

A Dynamic Model of Price Discrimination and Inventory Management at the Fulton Fish Market

Graddy, Kathryn - 2015

Persistent link: https://www.econbiz.de/10013039486

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

Intermediaries in International Trade : Direct Versus Indirect Modes of Export

Bernard, Andrew B. - 2012

This paper examines the factors that give rise to intermediaries in exporting and explores the implications for trade volumes. Export intermediaries such as wholesalers serve different markets and export different products than manufacturing exporters. In particular, high market-specific fixed...

Persistent link: https://www.econbiz.de/10013113099

Wholesalers and Retailers in U.S. Trade (Long Version)

Bernard, Andrew B. - 2010

We combine data on individual trade transactions from U.S. customs records with comprehensive information on firms' employment from the Census Bureau's business register to examine wholesalers and retailers in U.S. exports and imports. Exporters and importers with 100 percent employment in...

Persistent link: https://www.econbiz.de/10013148857

Trading Inefficiencies in California'S Electricity Markets

Borenstein, Severin; Bushnell, James B.; Knittel, … - 2021

We study price convergence between the two major markets for wholesale electricity in California from their deregulation in April 1998 through November 2000, nearly the end of trading in one market. We would expect profit-maximizing traders to have eliminated persistent price differences between...

Persistent link: https://www.econbiz.de/10013218707