| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10523 |
| DP10523 Loss Aversion and the Uniform Pricing Puzzle for Vertically Differentiated Products | |
| Pascal Courty | |
| 发表日期 | 2015-04-05 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The uniform pricing puzzle for vertically differentiated products states that a monopolist sells high and low quality products at the same price despite the fact that quality is perfectly observable and that there are no significant costs of adjusting prices. The puzzle is relevant for movies, books, music, and mobile apps, among others. We show that the puzzle can be resolved by accounting for consumer loss aversion in monetary and consumption utilities and by assuming that consumers face a random utility shock. The novelty of our approach is that the reference transaction is endogenously set as part of a `personal equilibrium' and includes only past purchases of products of the same quality. |
| 主题 | Industrial Organization |
| 关键词 | Personal equilibrium Uniform pricing puzzle Vertically differentiated products Expectations-based loss aversion |
| URL | https://cepr.org/publications/dp10523 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539355 |
| 推荐引用方式 GB/T 7714 | Pascal Courty. DP10523 Loss Aversion and the Uniform Pricing Puzzle for Vertically Differentiated Products. 2015. |
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