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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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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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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
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Wealth Transfers from Implementing Real-Time Retail Electricity Pricing
Borenstein, Severin - 2021
Adoption of real-time electricity pricing %u2014 retail prices that vary hourly to reflect changing wholesale prices %u2014 removes existing cross-subsidies to those customers that consume disproportionately more when wholesale prices are highest. If their losses are substantial, these customers...
Persistent link: https://www.econbiz.de/10013213462
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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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The Effect of Price Advertising and Prices : Evidence in the Wake of 44 Liquormart
Milyo, Jeff; Waldfogel, Joel - 2021
In May 1996 the U.S. Supreme Court struck down Rhode Island's ban on advertising prices of alcoholic beverages, making Rhode Island the subject of a natural experiment for measuring the impact of advertising on prices. Using Massachusetts prices as controls, we find that while advertising stores...
Persistent link: https://www.econbiz.de/10013237253
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A Dynamic Model of Price Discrimination and Inventory Management at the Fulton Fish Market
Graddy, Kathryn - 2015
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/10013039486
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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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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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Spillovers from Ancillary Services to Wholesale Energy Markets
Buchsbaum, Jesse; Hausman, Catherine; Mathieu, Johanna; … - 2022
In electricity markets, generators are rewarded both for providing energy and for enabling grid reliability. The two functions are compensated with two separate payments: energy market payments and ancillary services market payments. We provide evidence of changes in the generation mix in the...
Persistent link: https://www.econbiz.de/10014091103