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Author: Torben M. Andersen
Publisher: Oxford University Press on Demand
ISBN: 9780198287605
Category : Business & Economics
Languages : en
Pages : 186
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Book Description
The price adjustment process is crucial to almost any macroeconomic issue. Current macroeconomic literature features widely different models ranking from instantaneous price adjustment to completely rigid prices. Professor Andersen provides a comprehensive analysis of reasons why prices may fail to adjust instantaneously to changes in market conditions. This unified treatment will allow the reader to understand the mechanisms at work without becoming lost in technical details. This volume covers both real and nominal price rigidities and integrates existing results from the literature with new results on causes for failures of price adjustment. The analysis of real price rigidities includes inventories, customer markets, search and collusive behaviour. Due to the focus on macroeconomic implications, the analysis of nominal price rigidities is extensive and includes menu costs, informational problems, asynchronized price setting as well as the interaction between price and wage setting. Professor Andersen's own theoretical work on imperfect information, a prime source of price and wage rigidity, is given prominence in the book. The volume is thus a combination of a valuable survey of the literature, and an original expression of future possible research avenues.
Author: Torben M. Andersen
Publisher: Oxford University Press on Demand
ISBN: 9780198287605
Category : Business & Economics
Languages : en
Pages : 186
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Book Description
The price adjustment process is crucial to almost any macroeconomic issue. Current macroeconomic literature features widely different models ranking from instantaneous price adjustment to completely rigid prices. Professor Andersen provides a comprehensive analysis of reasons why prices may fail to adjust instantaneously to changes in market conditions. This unified treatment will allow the reader to understand the mechanisms at work without becoming lost in technical details. This volume covers both real and nominal price rigidities and integrates existing results from the literature with new results on causes for failures of price adjustment. The analysis of real price rigidities includes inventories, customer markets, search and collusive behaviour. Due to the focus on macroeconomic implications, the analysis of nominal price rigidities is extensive and includes menu costs, informational problems, asynchronized price setting as well as the interaction between price and wage setting. Professor Andersen's own theoretical work on imperfect information, a prime source of price and wage rigidity, is given prominence in the book. The volume is thus a combination of a valuable survey of the literature, and an original expression of future possible research avenues.
Author: Alan Blinder
Publisher: Russell Sage Foundation
ISBN: 1610440684
Category : Business & Economics
Languages : en
Pages : 412
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Book Description
Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesian economic theory and a key to understanding how monetary policy works, yet economists have made little headway in determining why it occurs. Asking About Prices offers a groundbreaking empirical approach to a puzzle for which theories abound but facts are scarce. Leading economist Alan Blinder, along with co-authors Elie Canetti, David Lebow, and Jeremy B. Rudd, interviewed a national, multi-industry sample of 200 CEOs, company heads, and other corporate price setters to test the validity of twelve prominent theories of price stickiness. Using everyday language and pertinent scenarios, the carefully designed survey asked decisionmakers how prominently these theoretical concerns entered into their own attitudes and thought processes. Do businesses tend to view the costs of changing prices as prohibitive? Do they worry that lower prices will be equated with poorer quality goods? Are firms more likely to try alternate strategies to changing prices, such as warehousing excess inventory or improving their quality of service? To what extent are prices held in place by contractual agreements, or by invisible handshakes? Asking About Prices offers a gold mine of previously unavailable information. It affirms the widespread presence of price stickiness in American industry, and offers the only available guide to such business details as what fraction of goods are sold by fixed price contract, how often transactions involve repeat customers, and how and when firms review their prices. Some results are surprising: contrary to popular wisdom, prices do not increase more easily than they decrease, and firms do not appear to practice anticipatory pricing, even when they can foresee cost increases. Asking About Prices also offers a chapter-by-chapter review of the survey findings for each of the twelve theories of price stickiness. The authors determine which theories are most popular with actual price setters, how practices vary within different business sectors, across firms of different sizes, and so on. They also direct economists' attention toward a rationale for price stickiness that does not stem from conventional theory, namely a strong reluctance by firms to antagonize or inconvenience their customers. By illuminating how company executives actually think about price setting, Asking About Prices provides an elegant model of a valuable new approach to conducting economic research.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: M.F. Thorpe
Publisher: Springer Science & Business Media
ISBN: 0306470896
Category : Computers
Languages : en
Pages : 435
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Book Description
Although rigidity has been studied since the time of Lagrange (1788) and Maxwell (1864), it is only in the last twenty-five years that it has begun to find applications in the basic sciences. The modern era starts with Laman (1970), who made the subject rigorous in two dimensions, followed by the development of computer algorithms that can test over a million sites in seconds and find the rigid regions, and the associated pivots, leading to many applications. This workshop was organized to bring together leading researchers studying the underlying theory, and to explore the various areas of science where applications of these ideas are being implemented.
Author: Steven Alan Sharpe
Publisher:
ISBN:
Category : Pricing
Languages : en
Pages : 36
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Book Description
Author: Julio J. Rotemberg
Publisher: Forgotten Books
ISBN: 9780666181596
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
Excerpt from The Relative Rigidity of Monopoly Pricing The relationship between industry structure and pricing is a major focus of Industrial Organization. One of the most striking facts to have emerged about this relationship is that monopolists tend to change their prices less frequently than tight oligopolies. Although the first evidence in this regard was presented by Stigler (1947) almost forty years ago, no theoretical explanations have been offered. The objective of this papergis to develop models capable of explaining these facts. Stigler's objective in comparing the relative rigidity of monopoly and dqoly prices was to test the kinked demand curve theory of Hall and Hitch (1939) and Sweezy Since the work of Gardiner Means (1935) seemed to show that concentrated industries exhibited greater price rigidity than their unconcentrated counterparts, the kinked demand curve was developed and embraced as providing a theoretical foundation for the rigidity of prices. It was widely regarded to be an implication of that theory that du0polists would not change their prices in response to small changes in their costs. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author: Susan Athey
Publisher:
ISBN:
Category : Collusion (Economics)
Languages : en
Pages : 48
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Book Description
Author: Jack E. Graver
Publisher: American Mathematical Soc.
ISBN: 0821838016
Category : Mathematics
Languages : en
Pages : 184
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Book Description
This book presents rigidity theory in a historical context. The combinatorial aspects of rigidity are isolated and framed in terms of a special class of matroids, which are a natural generalization of the connectivity matroid of a graph. The book includes an introduction to matroid theory and an extensive study of planar rigidity. The final chapter is devoted to higher dimensional rigidity, highlighting the main open questions. Also included is an extensive annotated bibiolography with over 150 entries. The book is aimed at graduate students and researchers in graph theory and combinatorics or in fields which apply the structural aspects of these subjects in architecture and engineering. Accessible to those who have had an introduction to graph theory at the senior or graduate level, the book would be suitable for a graduate course in graph theory.
Author: Timothy H. Hannan
Publisher:
ISBN:
Category : Bank deposits
Languages : en
Pages : 40
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Book Description
Author: Michael T. Kiley
Publisher:
ISBN:
Category : Prices
Languages : en
Pages : 50
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Book Description
