For too long, most people who run companies have made a variety of unwarranted but detrimental assumptions about pricing. Changing prices, for example, has been looked upon as an easy, quick and reversible process, and new technologies have only reinforced that way of thinking. Similarly,...

We empirically study the price adjustment process at multiproduct retail stores. We use a unique store level data set for five large supermarket and one drugstore chains in the USA, to document the exact process required to change prices. Our data set allows us to study this process in great...

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...

We describe a multiproduct barter trading experiment in which students exchange real goods in an open market based on their own preferences. The experiment is designed for simulating a pure exchange market in order to demonstrate the role of money and its functions in real economies by showing...