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Certification and market transparency
Stahl, Konrad; Strausz, Roland - 2014
We provide elementary insights into the effectiveness of certification to increase market transparency. In a market with opaque product quality, sellers use certification as a signaling device, while buyers use it as an inspection device. This difference alone implies that seller-certification...
Persistent link: https://www.econbiz.de/10010403019
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A brand specific investigation of international cost shock threats on price and margin with a manufacturer-wholesaler-retailer model
Dannewald, Till; Hildebrandt, Lutz - 2008
In times of increasing oil prices and a weak dollar, European companies that focus their business on the US market may find themselves in a weak position. While many businesses can hedge this kind of risk by relocating production to the US, or employing financial remedies, these strategies may...
Persistent link: https://www.econbiz.de/10003796133
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A slab in the face : building quality and neighborhood effects
Schulz, Rainer; Wersing, Martin - 2012
The quality of newly constructed single-family houses is usually homogeneous in and heterogeneous between neighborhoods. Such quality-clustering will be caused by the variation of natural amenities throughout a suburban area. Clustering will be enforced if the quality of neighboring buildings...
Persistent link: https://www.econbiz.de/10009500765
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A theory of price adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is …
Persistent link: https://www.econbiz.de/10010428189
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"Buy-It-Now" or "Sell-It-Now" auctions : Effects of changing bargaining power in sequential trading mechanisms
Grebe, Tim; Ivanova-Stenzel, Radosveta; Kröger, Sabine - 2015
We study experimentally the effect of bargaining power in sequential trading mechanisms that offer the possibility to trade at a fixed price before an auction. In the "Buy-It-Now" format, the seller offers a price prior to the auction; whereas in the "Sell-It-No" format, it is the buyer. Both...
Persistent link: https://www.econbiz.de/10011309645
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An empirical test of theories of price valuation using a semiparametric approach, reference prices, and accounting for heterogeneity
Boztuğ, Yasemin (contributor);  … - 2005
major theories are proposed to model the reference price reaction: assimilation contrast theory and prospect theory. We …
Persistent link: https://www.econbiz.de/10003324130
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Optimal sticky prices under rational inattention
Maćkowiak, Bartosz (contributor);  … - 2005
In the data, individual prices change frequently and by large amounts. In standard sticky price models, frequent and large price changes imply a fast response of the aggregate price level to nominal shocks. This paper presents a model in which price setting firms optimally decide what to...
Persistent link: https://www.econbiz.de/10003147842
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What derives the bond portfolio value-at-risk : information roles of macroeconomic and financial stress factors
Tu, Anthony H.; Chen, Cathy Yi-Hsuan - 2016
This paper first develops a new approach, which is based on the Nelson-Siegel term structure factor-augmented model, to compute the VaR of bond portfolios. We then applied the model to examine whether information contained on macroeconomic variables and financial shocks can help to explain the...
Persistent link: https://www.econbiz.de/10011437907
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Budget-neutral fiscal rules targeting inflation differentials
Brede, Maren - 2016
In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare implications of budget-neutral scal policies that counteract in ation di erentials. In a two-country DSGE model of a monetary union with traded and non-traded goods a national scal...
Persistent link: https://www.econbiz.de/10011437921
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Measuring the benefit from reducing income inequality in terms of GDP
Voigts, Simon - 2016
Given that well-being is a concave function of income, inequality is inefficient from a utilitarian perspective. This paper proposes a way to express the utilitarian benefit from redistributive reforms in terms of out- put, i.e. as a share of GDP. Three applications are presented: First, in nine...
Persistent link: https://www.econbiz.de/10011437927