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来源类型Working Paper
规范类型报告
DOI10.3386/w16680
来源IDWorking Paper 16680
Best Prices
Judith A. Chevalier; Anil K. Kashyap
发表日期2011-01-13
出版年2011
语种英语
摘要We explore the role of strategic price-discrimination by retailers for price determination and inflation dynamics. We model two types of customers, "loyals" who buy only one brand and do not strategically time purchases, and "shoppers" who seek out low-priced products both across brands and across time. Shoppers always pay the lowest price available, the "best price". Retailers in this setting optimally choose long periods of constant regular prices punctuated by frequent temporary sales. Supermarket scanner data confirm the model's predictions: the average price paid is closely approximated by a weighted average of the fixed weight average list price and the "best price". In contrast to standard menu cost models, our model implies that sales are an essential part of the price plan and the number and frequency of sales may be an important mechanism for adjustment to shocks. We conclude that our "best price" construct provides a tractable input for constructing price series.
主题Macroeconomics ; Business Cycles ; Industrial Organization ; Market Structure and Firm Performance
URLhttps://www.nber.org/papers/w16680
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574355
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Judith A. Chevalier,Anil K. Kashyap. Best Prices. 2011.
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