Price setting in forward-looking customer markets
成果类型：
Article
署名作者：
Nakamura, Emi; Steinsson, Jon
署名单位：
Columbia University; National Bureau of Economic Research
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.06.004
发表日期：
2011
页码：
220-233
关键词：
摘要：
If consumers form habits in individual goods, firms face a time-inconsistency problem. Low prices in the future help attract customers in the present. Firms, therefore, have an incentive to promise low prices in the future, but price gouge when the future arrives. In this setting, firms benefit from committing to a sticky price. If consumers have incomplete information about costs and demand, the firm-preferred equilibrium has the firm price at or below a price cap. The model therefore provides an explanation for the simultaneous existence of a rigid regular price and frequent sales. (C) 2011 Elsevier B.V. All rights reserved.
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