Rationally inattentive seller: sales and discrete pricing

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985998%3A_____%2F16%3A00461428" target="_blank" >RIV/67985998:_____/16:00461428 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/00216208:11640/16:00468728

Výsledek na webu

<a href="http://dx.doi.org/10.1093/restud/rdv049" target="_blank" >http://dx.doi.org/10.1093/restud/rdv049</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1093/restud/rdv049" target="_blank" >10.1093/restud/rdv049</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Rationally inattentive seller: sales and discrete pricing

Popis výsledku v původním jazyce

Prices tend to remain constant for a period of time and then jump. In the literature, this “rigidity is usually interpreted to reflect a cost of adjusting prices. This article shows that price rigidity can alternatively reflect optimal price setting when there are no adjustment costs, namely, if the seller is rationally inattentive. The model generates non-trivial pricing patterns that are consistent with the data and that are hard to explain with the traditional adjustment-cost model. In particular, prices are adjusted frequently but move back and forth between a few given values, hazard functions are downward sloping, and responses to persistent shocks are sluggish. These results are obtained in a model that implements rational inattention without simplifying assumptions on the functional forms of the processed signals.

Název v anglickém jazyce

Rationally inattentive seller: sales and discrete pricing

Popis výsledku anglicky

Prices tend to remain constant for a period of time and then jump. In the literature, this “rigidity is usually interpreted to reflect a cost of adjusting prices. This article shows that price rigidity can alternatively reflect optimal price setting when there are no adjustment costs, namely, if the seller is rationally inattentive. The model generates non-trivial pricing patterns that are consistent with the data and that are hard to explain with the traditional adjustment-cost model. In particular, prices are adjusted frequently but move back and forth between a few given values, hazard functions are downward sloping, and responses to persistent shocks are sluggish. These results are obtained in a model that implements rational inattention without simplifying assumptions on the functional forms of the processed signals.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

AH - Ekonomie

OECD FORD obor

—

Projekt

<a href="/cs/project/GPP402%2F11%2FP236" target="_blank" >GPP402/11/P236: Implikace racionální nepozornosti</a><br>

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2016

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Review of Economic Studies

ISSN

0034-6527

e-ISSN

—

Svazek periodika

83

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

31

Strana od-do

1125-1155

Kód UT WoS článku

000381273900008

EID výsledku v databázi Scopus

2-s2.0-84991380391