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Price currents and newspapers are major sources of information on prices during the eighteenth and nineteenth centuries, but drawing conclusions about trends and fluctuations in values from the quotations in these sources poses se...
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Price currents and newspapers are major sources of information on prices during the eighteenth and nineteenth centuries, but drawing conclusions about trends and fluctuations in values from the quotations in these sources poses several recurrent difficulties. After discussing the origins of the prices in these sources, we use a range of examples, mainly involving commodity prices, to illustrate important problems in working with historical price data. These include missing observations and price inertia, varying gaps between low and high price quotations, and the splicing together of price series from different sources or for different commodity qualities. The last two problems often arise from changes over time in the detail with which prices for heterogeneous commodities were reported.
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The increasing pervasiveness of social networks allows users to share purchase behaviors with their online friends. In this study, we examine optimal pricing strategies of a monopolistic firm using an analytical model that account...
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The increasing pervasiveness of social networks allows users to share purchase behaviors with their online friends. In this study, we examine optimal pricing strategies of a monopolistic firm using an analytical model that accounts for behavioral observational learning in social networks. We show that a seller could potentially control the information available to future customers and induce behavioral observational learning, using an information-revealing pricing strategy. This result suggests that offering introductory discounts is not always an effective method to boost purchases in social networks. It could prevent the behavioral observational learning that would increase future customers' willingness to pay.
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Whether observable raw milk prices are more likely to increase or decrease the economic situation of dairy farmers is in dispute. Using a game-theoretic model, we show that observable raw milk prices can be restrictive and profita...
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Whether observable raw milk prices are more likely to increase or decrease the economic situation of dairy farmers is in dispute. Using a game-theoretic model, we show that observable raw milk prices can be restrictive and profitable for dairies if the tendency towards concentration in the dairy sector persists. Whereas observable raw milk prices open a chance for dairy farmers to receive a higher producer surplus, they carry a risk for final consumers to receive a lower consumer surplus. In particular, we argue about cooperatives because they are predominant in the dairy sector. Our findings can be generalized to other organizational forms in the dairy sector because similar organizational structures are established by long-term contracts.
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We extend Stahl's (1989) model to a setting with differentiated products to study the effects of price-directed consumer search. Consumers engage in costly search to find out whether products meet their needs. Consumer search is d...
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We extend Stahl's (1989) model to a setting with differentiated products to study the effects of price-directed consumer search. Consumers engage in costly search to find out whether products meet their needs. Consumer search is directed by prices when they are observable before search, in contrast to the case in which prices are discovered only after search, where search is naturally random. The equilibrium under price-directed search differs substantially from that under random search, despite certain similarities. We show that as search costs decrease, sales become more likely and firms earn higher expected profits under price-directed search, whereas the opposite holds under random search. Moreover, compared with random search, under price-directed search firms, expected profits are always lower, but consumer surplus and total welfare are higher provided that the search cost is sufficiently small. (C) 2018 Elsevier B.V. All rights reserved.
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We study the optimal pricing strategy for a privately informed monopolist in the presence of observational learning. Early adopters learn quality before purchasing the product. Late adopters learn quality from first-period price a...
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We study the optimal pricing strategy for a privately informed monopolist in the presence of observational learning. Early adopters learn quality before purchasing the product. Late adopters learn quality from first-period price and early adopters' purchase decisions. Prices generate revenues, signal quality, and determine information transmission through observational learning. Separation may occur through either high or low prices, depending on the elasticity of early adopters' demand. When demand for good-quality products is less elastic, high prices are less costly for high-type firms due to static and dynamic effects. High-type firms are marginally less affected by high prices, since they lose fewer consumers. Moreover, early sales at higher prices carry good news about quality to late adopters. The opposite occurs when the demand for good-quality products is more elastic.
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Path-differentiated congestion pricing is a tolling scheme that imposes tolls on paths instead of individual links. One way to implement this scheme is to deploy automated vehicle identification sensors, such as toll tag readers o...
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Path-differentiated congestion pricing is a tolling scheme that imposes tolls on paths instead of individual links. One way to implement this scheme is to deploy automated vehicle identification sensors, such as toll tag readers or license plate scanners, on roads in a network. These sensors collect vehicles' location information to identify their paths and charge them accordingly. In this paper, we investigate how to optimally locate these sensors for the purpose of implementing path-differentiated pricing. We consider three relevant problems. The first is to locate a minimum number of sensors to implement a given path-differentiated scheme. The second is to design an optimal path-differentiated pricing scheme for a given set of sensors. The last problem is to find a path differentiated scheme to induce a given target link-flow distribution while requiring a minimum number of sensors. (C) 2015 Elsevier Ltd. All rights reserved.
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This paper examines leader-follower games where a leader must purchase an essential input from a price-setting supplier in order to take an action. We show that equilibrium outcomes when the followers perfectly observe the leaders...
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This paper examines leader-follower games where a leader must purchase an essential input from a price-setting supplier in order to take an action. We show that equilibrium outcomes when the followers perfectly observe the leaders' actions cannot be approximated by mixed equilibrium outcomes of the game where followers imperfectly observe the leaders' actions, i.e. they are not accessible. Accessibility fails since in a pure strategy equilibrium, a supplier makes positive profits; however in an equilibrium where a leader randomizes, supplier profits must be zero. Our result follows from a generalized indifference principle that mixed strategies must satisfy in economic environments. While supplier profits cannot be approximated, player action profiles are accessible. Our results also apply to games with costly observation.
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The effect of outliers on estimation of the fractal dimension of experimental chaotic and stock market stochastic data series is investigated. The results indicate that influential observations of a magnitude of mean ±5 standard...
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The effect of outliers on estimation of the fractal dimension of experimental chaotic and stock market stochastic data series is investigated. The results indicate that influential observations of a magnitude of mean ±5 standard deviations can lead to a distortion of fractal dimension estimations by as much as 40% for short (e.g. 500 observations) time series data. Moreover, the box dimension estimation method is more sensitive to outliers than information and correlation dimension estimation methods and the effect of outliers decreases as the number of observations increases. Application of outlier adjustment to the stock prices of 60 companies of the Dow Jones Industrial Index reveals that the effect of outliers is critical in estimating the fractal dimension. The fractal dimension has applications in risk analysis for financial markets that can be affected by outliers.
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The effect of outliers on estimation of the fractal dimension of experimental chaotic and stock market stochastic data series is investigated. The results indicate that influential observations of a magnitude of mean ±5 standard ...
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The effect of outliers on estimation of the fractal dimension of experimental chaotic and stock market stochastic data series is investigated. The results indicate that influential observations of a magnitude of mean ±5 standard deviations can lead to a distortion of fractal dimension estimations by as much as 40% for short (e.g. 500 observations) time series data. Moreover, the box dimension estimation method is more sensitive to outliers than information and correlation dimension estimation methods and the effect of outliers decreases as the number of observations increases. Application of outlier adjustment to the stock prices of 60 companies of the Dow Jones Industrial Index reveals that the effect of outliers is critical in estimating the fractal dimension. The fractal dimension has applications in risk analysis for financial markets that can be affected by outliers.
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This article studies a sequential search model in which consumers can purchase a product without incurring a search cost to inspect the match value, which we call "blind buying". We show that the optimal search policy is no longer...
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This article studies a sequential search model in which consumers can purchase a product without incurring a search cost to inspect the match value, which we call "blind buying". We show that the optimal search policy is no longer as per Weitzman (1979). When the match value has a symmetric distribution, both consumers and firms are indifferent to the search order, conditional on that blind buying does not take place in the first stage. Blind buying always increases total welfare, and increases market prices and industrial profits if and only if the first-sample search cost is below a threshold value. An increase in the search cost reduces equilibrium prices. Such a result is consistent with existing price-directed search models, but the underlying mechanisms are different. We also show that being prominent can adversely affect a firm if the match value is asymmetrically distributed, which contrasts the literature. (C) 2021 Elsevier Inc. All rights reserved.
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