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Pricing When Customers Care About Fairness But Misinfer Markups
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Book Synopsis Pricing when Customers Care about Fairness But Misinfer Markups by : Erik Eyster
Download or read book Pricing when Customers Care about Fairness But Misinfer Markups written by Erik Eyster and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a theory of price rigidity consistent with survey evidence that firms stabilize prices out of fairness to their consumers. The theory relies on two psychological assumptions. First, customers care about the fairness of prices: fixing the price of a good, consumers enjoy it more at a low markup than at a high markup. Second, customers underinfer marginal costs from prices: when prices rise due to an increase in marginal costs, customers underappreciate the increase in marginal costs and partially misattribute higher prices to higher markups. Firms anticipate customers' reaction and trim their price increases. Hence, the passthrough of marginal costs into prices falls short of one--prices are somewhat rigid. Embedded in a simple macroeconomic model, our pricing theory produces nonneutral monetary policy, a short-run Phillips curve that involves both past and future inflation rates, a hump-shaped impulse response of output to monetary policy, and a nonvertical long-run Phillips curve.
Book Synopsis Handbook of Behavioral Economics - Foundations and Applications 2 by :
Download or read book Handbook of Behavioral Economics - Foundations and Applications 2 written by and published by Elsevier. This book was released on 2019-01-29 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics, Volume 2, Foundations and Applications offers critical perspectives on theoretical work within behavioral economics, delivering a comprehensive, critical, up-to-date, and accessible review of the field that has always been missing. This literature summary of the conceptual foundations underlying behavioral economics is written by, and for, economists, with chapters covering Intertemporal choice, Reference-dependent preferences, Beliefs, Cognition, Social preferences, Behavioral game theory, Welfare, and Neuroeconomics. - Helps academic and non-academic economists understand recent rapid changes in theoretical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics
Book Synopsis Optimal Unemployment Insurance by : Andreas Pollak
Download or read book Optimal Unemployment Insurance written by Andreas Pollak and published by Mohr Siebeck. This book was released on 2007 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designing a good unemployment insurance scheme is a delicate matter. In a system with no or little insurance, households may be subject to a high income risk, whereas excessively generous unemployment insurance systems are known to lead to high unemployment rates and are costly both from a fiscal perspective and for society as a whole. Andreas Pollak investigates what an optimal unemployment insurance system would look like, i.e. a system that constitutes the best possible compromise between income security and incentives to work. Using theoretical economic models and complex numerical simulations, he studies the effects of benefit levels and payment durations on unemployment and welfare. As the models allow for considerable heterogeneity of households, including a history-dependent labor productivity, it is possible to analyze how certain policies affect individuals in a specific age, wealth or skill group. The most important aspect of an unemployment insurance system turns out to be the benefits paid to the long-term unemployed. If this parameter is chosen too high, a large number of households may get caught in a long spell of unemployment with little chance of finding work again. Based on the predictions in these models, the so-called "Hartz IV" labor market reform recently adopted in Germany should have highly favorable effects on the unemployment rates and welfare in the long run.
Book Synopsis Airline Business in the 21st Century by : Rigas Doganis
Download or read book Airline Business in the 21st Century written by Rigas Doganis and published by Routledge. This book was released on 2005-06-28 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the major issues that will affect the airline industry in this new millennium. It tells of an industry working on low margins and of cut-throat competition resulting from 'open skies'. Among the issues discussed are: * the low-cost airline * the impact of electronic commerce * the debate on global airline alliances * privatizing state-owned airlines * the creation of a Trans Atlantic Common Aviation area Most importantly, the book carefully analyzes the strategies that are needed for airlines to succeed in the twenty-first century. This is essential reading for anyone interested in aviation.
Download or read book Buyology written by Martin Lindstrom and published by Currency. This book was released on 2010-02-02 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: NEW YORK TIMES BESTSELLER • “A fascinating look at how consumers perceive logos, ads, commercials, brands, and products.”—Time How much do we know about why we buy? What truly influences our decisions in today’s message-cluttered world? In Buyology, Martin Lindstrom presents the astonishing findings from his groundbreaking three-year, seven-million-dollar neuromarketing study—a cutting-edge experiment that peered inside the brains of 2,000 volunteers from all around the world as they encountered various ads, logos, commercials, brands, and products. His startling results shatter much of what we have long believed about what captures our interest—and drives us to buy. Among the questions he explores: • Does sex actually sell? • Does subliminal advertising still surround us? • Can “cool” brands trigger our mating instincts? • Can our other senses—smell, touch, and sound—be aroused when we see a product? Buyology is a fascinating and shocking journey into the mind of today's consumer that will captivate anyone who's been seduced—or turned off—by marketers' relentless attempts to win our loyalty, our money, and our minds.
Book Synopsis Handbook of Behavioral Economics - Foundations and Applications 1 by :
Download or read book Handbook of Behavioral Economics - Foundations and Applications 1 written by and published by Elsevier. This book was released on 2018-09-27 with total page 749 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics
Book Synopsis Estimating VAT Pass Through by : Ms.Dora Benedek
Download or read book Estimating VAT Pass Through written by Ms.Dora Benedek and published by International Monetary Fund. This book was released on 2015-09-30 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the pass through of VAT changes to consumer prices, using a unique dataset providing disaggregated, monthly data on prices and VAT rates for 17 Eurozone countries over 1999-2013. Pass through is much less than full on average, and differs markedly across types of VAT change. For changes in the standard rate, for instance, final pass through is about 100 percent; for reduced rates it is significantly less, at around 30 percent; and for reclassifications it is essentially zero. We also find: differing dynamics of pass through for durables and non-durables; no significant difference in pass through between rate increases and decreases; signs of non-monotonicity in the relationship between pass through and the breadth of the consumption base affected; and indications of significant anticipation effects together with some evidence of lagged effects in the two years around reform. The results are robust against endogeneity and attenuation bias.
Book Synopsis Handbook of Behavioral Industrial Organization by : Victor J. Tremblay
Download or read book Handbook of Behavioral Industrial Organization written by Victor J. Tremblay and published by Edward Elgar Publishing. This book was released on 2018 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
Book Synopsis The Progressive Assault on Laissez Faire by : Barbara H. Fried
Download or read book The Progressive Assault on Laissez Faire written by Barbara H. Fried and published by Harvard University Press. This book was released on 2009-07-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Law and economics is the leading intellectual movement in law today. This book examines the first great law and economics movement in the early part of the twentieth century through the work of one of its most original thinkers, Robert Hale. Beginning in the 1890s and continuing through the 1930s, progressive academics in law and economics mounted parallel assaults on free-market economic principles. They showed first that "private," unregulated economic relations were in fact determined by a state-imposed regime of property and contract rights. Second, they showed that the particular regime of rights that existed at that time was hard to square with any common-sense notions of social justice. Today, Hale is best known among contemporary legal academics and philosophers for his groundbreaking writings on coercion and consent in market relations. The bulk of his writing, however, consisted of a critique of natural property rights. Taken together, these writings on coercion and property rights offer one of the most profound and elaborated critiques of libertarianism, far outshining the better-known efforts of Richard Ely and John R. Commons. In his writings on public utility regulation, Hale also made important contributions to a theory of just, market-based distribution. This first, full-length study of Hale's work should be of interest to legal, economic, and intellectual historians.
Book Synopsis The Theory of Learning in Games by : Drew Fudenberg
Download or read book The Theory of Learning in Games written by Drew Fudenberg and published by MIT Press. This book was released on 1998 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work explains that equilibrium is the long-run outcome of a process in which non-fully rational players search for optimality over time. The models they e×plore provide a foundation for equilibrium theory and suggest ways for economists to evaluate and modify traditional equilibrium concepts.
Download or read book Antifascisms written by David Ward and published by Fairleigh Dickinson Univ Press. This book was released on 1996 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an in-depth analysis of three of the most crucial years in twentieth-century Italian history, the years 1943-46. After more than two decades of a Fascist regime and a disastrous war experience during which Italy changed sides, these years saw the laying of the political and cultural foundations for what has since become known as Italy's First Republic. Drawing on texts from the literature, film, journalism, and political debate of the period, Antifascisms offers a thorough survey of the personalities and positions that informed the decisions taken in this crucial phase of modern Italian history.
Book Synopsis Who Is Rational? by : Keith E. Stanovich
Download or read book Who Is Rational? written by Keith E. Stanovich and published by Psychology Press. This book was released on 1999-04-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Integrating a decade-long program of empirical research with current cognitive theory, this book demonstrates that psychological research has profound implications for current debates about what it means to be rational. The author brings new evidence to bear on these issues by demonstrating that patterns of individual differences--largely ignored in disputes about human rationality--have strong implications for explanations of the gap between normative and descriptive models of human behavior. Separate chapters show how patterns of individual differences have implications for all of the major critiques of purported demonstrations of human irrationality in the heuristics and biases literature. In these critiques, it has been posited that experimenters have observed performance errors rather than systematically irrational responses; the tasks have required computational operations that exceed human cognitive capacity; experimenters have applied the wrong normative model to the task; and participants have misinterpreted the tasks. In a comprehensive set of studies, Stanovich demonstrates that gaps between normative and descriptive models of performance on some tasks can be accounted for by positing these alternative explanations, but that not all discrepancies from normative models can be so explained. Individual differences in rational thought can in part be predicted by psychological dispositions that are interpreted as characteristic biases in people's intentional-level psychologies. Presenting the most comprehensive examination of individual differences in the heuristics and biases literature that has yet been published, experiments and theoretical insights in this volume contextualize the heuristics and biases literature exemplified in the work of various investigators.
Book Synopsis Who Creates New Firms When Local Opportunities Arise? by : Shai Bernstein
Download or read book Who Creates New Firms When Local Opportunities Arise? written by Shai Bernstein and published by International Monetary Fund. This book was released on 2018-09-28 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: New firm formation is a critical driver of job creation, and an important contributor to the responsiveness of the economy to aggregate shocks. In this paper we examine the characteristics of the individuals who become entrepreneurs when local opportunities arise due to an increase in local demand. We identify local demand shocks by linking fluctuations in global commodity prices to municipality level agricultural endowments in Brazil. We find that the firm creation response is almost entirely driven by young and skilled individuals, as measured by their level of experience, education, and past occupations involving creativity, problem-solving and managerial roles. In contrast, we find no such response within the same municipalities among skilled, yet older individuals, highlighting the importance of lifecycle considerations. These responsive individuals are younger and more skilled than the average entrepreneur in the population. The entrepreneurial response of young individuals is larger in municipalities with better access to finance, and in municipalities with more skilled human capital. These results highlight how the characteristics of the local population can have a significant impact on the entrepreneurial responsiveness of the economy.
Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press. This book was released on 2019-02-14 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Other-Regarding Preferences is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence from experimental games on human sociality, and gives models and applications of inequity aversion, intention based reciprocity, conditional cooperation, human virtues, and social identity. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioural economics.
Book Synopsis Strategy and Dynamics in Contests by : Kai Andreas Konrad
Download or read book Strategy and Dynamics in Contests written by Kai Andreas Konrad and published by Oxford University Press, USA. This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the theory structure underlying contests, in which players expend effort and/or spend money in trying to get ahead of one another. Uniquely, this effort is sunk and cannot be recovered, regardless of whether a player wins or loses in the competition. Such interactions include diverse phenomena such as marketing and advertising by firms, litigation, relative reward schemes in firms, political competition, patent races, sports, military combat, war and civil war. These have been studied in the field of contest theory both within these specific contexts and at a higher level of abstraction. The purpose of this book is to describe the fundamental common properties of these types of interactions and to uncover some common properties or laws that govern them. The book begins by describing the properties of static contests and tournaments. Aspects such as timing, entry, sabotage and delegation are added and contest design issues such as the admission or exclusion of players and the structure of prizes are discussed. Further, structures are analysed in which players interact repeatedly in the same or different contest environments. Examples are inter-group conflict followed by intra-group rivalry, elimination tournaments and other dynamic contest structures.
Book Synopsis Taxation in the Global Economy by : Assaf Razin
Download or read book Taxation in the Global Economy written by Assaf Razin and published by University of Chicago Press. This book was released on 2008-04-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasing globalization of economic activity is bringing an awareness of the international consequences of tax policy. The move toward the common European market in 1992 raises the important question of how inefficiencies in the various tax systems—such as self-defeating tax competition among member nations—will be addressed. As barriers to trade and investment tumble, cross-national differences in tax structures may loom larger and create incentives for relocations of capital and labor; and efficient and equitable income tax systems are becoming more difficult to administer and enforce, particularly because of the growing importance of multinational enterprises. What will be the role of tax policy in this more integrated world economy? Assaf Razin and Joel Slemrod gathered experts from two traditionally distinct specialties, taxation and international economics, to lay the groundwork for understanding these issues, which will require the attention of scholars and policymakers for years to come. Contributors describe the basic provisions of the U.S. tax code with respect to international transactions, highlighting the changes contained in the U.S. Tax Reform Act of 1986; explore the ways that tax systems influence the decisions of multinationals; examine the effect of taxation on trade patterns and capital flows; and discuss the implications of the opening world economy for the design of optimal international tax policy. The papers will prove valuable not only to scholars and students, but to government economists and international tax lawyers as well.
Book Synopsis Confessions of the Pricing Man by : Hermann Simon
Download or read book Confessions of the Pricing Man written by Hermann Simon and published by Springer. This book was released on 2015-10-20 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world’s foremost expert on pricing strategy shows how this mysterious process works and how to maximize value through pricing to company and customer. In all walks of life, we constantly make decisions about whether something is worth our money or our time, or try to convince others to part with their money or their time. Price is the place where value and money meet. From the global release of the latest electronic gadget to the bewildering gyrations of oil futures to markdowns at the bargain store, price is the most powerful and pervasive economic force in our day-to-day lives and one of the least understood. The recipe for successful pricing often sounds like an exotic cocktail, with equal parts psychology, economics, strategy, tools and incentives stirred up together, usually with just enough math to sour the taste. That leads managers to water down the drink with hunches and rules of thumb, or leave out the parts with which they don’t feel comfortable. While this makes for a sweeter drink, it often lacks the punch to have an impact on the customer or on the business. It doesn’t have to be that way, though, as Hermann Simon illustrates through dozens of stories collected over four decades in the trenches and behind the scenes. A world-renowned speaker on pricing and a trusted advisor to Fortune 500 executives, Simon’s lifelong journey has taken him from rural farmers’ markets, to a distinguished academic career, to a long second career as an entrepreneur and management consultant to companies large and small throughout the world. Along the way, he has learned from Nobel Prize winners and leading management gurus, and helped countless managers and executives use pricing as a way to create new markets, grow their businesses and gain a sustained competitive advantage. He also learned some tough personal lessons about value, how people perceive it, and how people profit from it. In this engaging and practical narrative, Simon leaves nothing out of the pricing cocktail, but still makes it go down smoothly and leaves you wanting to learn more and do more—as a consumer or as a business person. You will never look at pricing the same way again.
