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首页> 外文期刊>International journal of industrial organization >Business as usual: A consumer search theory of sticky prices and asymmetric price adjustment
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Business as usual: A consumer search theory of sticky prices and asymmetric price adjustment

机译：照常营业：粘性价格和不对称价格调整的消费者搜索理论

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摘要

Empirical evidence suggests that prices are sticky with respect to cost changes. Moreover, prices respond more rapidly to cost increases than to cost decreases. We develop a search theoretic model which is consistent with this evidence and allows for additional testable predictions. Our results are based on the assumption that buyers do not observe the sellers' costs, but know that cost changes are positively correlated across sellers. In equilibrium, a change in price is likely to induce consumer search, which explains sticky prices. Moreover, the signal conveyed by a price decrease is different from the signal conveyed by a price increase, which explains asymmetry in price adjustment.
机译：经验证据表明，价格在成本变化方面具有粘性。而且，价格对成本增加的反应比对成本减少的反应更快。我们开发了与该证据一致的搜索理论模型，并允许进行其他可测的预测。我们的结果基于这样的假设，即买方没有观察到卖方的成本，但是知道成本变化与卖方之间呈正相关。在均衡状态下，价格的变化可能会引起消费者的搜索，这解释了粘性价格。此外，通过降价传递的信号与通过涨价传递的信号不同，这解释了价格调整中的不对称性。

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