Topic
Factor price
About: Factor price is a research topic. Over the lifetime, 2764 publications have been published within this topic receiving 86176 citations.
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TL;DR: This article examined the influence of techological change and changing factor prices in the US economy on prices and incomes between 1967 and 2000 and found that the shares of national income earned by labor and capital have remained relatively constant over the entire period due to offsetting changes which are explicitly identified.
Abstract: This paper examines the influence of techological change and changing factor prices in the US economy on prices and incomes between 1967 and 2000. Dynamic input–output physical, price and income models provide the conceptual framework for the analysis. The investigation is focused on sectoral price changes, the distribution of income and outlays between capital and labor, and the changing real purchasing power of capital and labor. One major conclusion is that the shares of national income earned by labor and capital have remained relatively constant over the entire period due to offsetting changes which are explicitly identified. At the same time, labor's purchasing power has not increased as much as that of capital.
26 citations
TL;DR: In this article, it was argued that the evidence suggests that the just price was related to production costs within the medieval context of social status, and there is little evidence to show that the market price was associated with production costs in the neoclassical fashion.
Abstract: SUMMARY
It was at one time believed that St. Thomas Aquinas meant by the ‘just price’ a normal price dependent upon production costs rather than a fluctuating market price. This view has recently been challenged and it is now argued that the just price was the going market price. In one instance an attempt has been made to reconcile apparently divergent statements by Aquinas into a consistent whole by suggesting that the market price was envisaged as oscillating around costs in the neo-classical manner.
In this paper we shall argue that the evidence suggests that the just price was related to production costs within the medieval context of social status. On the other hand, it is also clear that at times the just price was considered to be the market price. Both versions are to be found depending upon the problem at hand; attempts to discern a single critereon of justice, even in the works of one man, may be misleading. We shall also argue that there is little evidence to show that Aquinas related the market price to production costs in the neoclassical fashion.
25 citations
TL;DR: In this paper, a neoclassical model of monopoly is extended to incorporate the influence of customers' disposition toward a firm Customers' disposition and price are the determinants of a firm's demand Disenchantment is positively related to the difference between the price the firm sets and the customers' reference price.
25 citations
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TL;DR: In this article, the authors investigated the microeconomic behavior of consumer prices in Italy using the individual price records underlying the Italian CPI dataset collected by Istat and found that prices are rather sticky, remaining unchanged on average for around 10 months; price spells last longer for non-energy industrial goods and services, much less for energy products.
Abstract: This paper investigates the microeconomic behaviour of consumer prices in Italy using the individual price records underlying the Italian CPI dataset collected by Istat. We discuss how to analyse price stickiness using such a detailed database and compute a quantitative measure of the unconditional degree of price rigidity in the Italian economy. The analysis focuses on the monthly frequency of price changes and on the duration of price spells, with a sectoral breakdown as well as with a classification by type of outlet. Prices are in general found to be rather sticky, remaining unchanged on average for around 10 months; price spells last longer for non-energy industrial goods and services, much less for energy products. Prices are revised more frequently upwards than downwards, while the size of price changes is quite symmetric. Price st ickiness is found to be less marked in large modern stores than in smaller traditional shops. Price changes display considerable synchronisation, in particular in the services sector. The average frequency of price changes and the probability of observing a price change over time and across items are positively related to headline inflation and increases in VAT rates and negatively related to the share of attractive prices. These findings are consistent with the ones reported in similar national studies for other countries of the euro area, which were conducted by the National Central Banks within the Eurosystem Inflation Persistence Network.
25 citations
TL;DR: In this paper, the authors argue that pricing is all about price changes and that the costs of price changes are often simultaneously subtle and substantial, and they discuss a framework to deal with the dynamics of changing prices.
Abstract: In this paper, we argue that pricing is all about price changes, and that the costs of price changes are often simultaneously subtle and substantial. We discuss a framework to deal with the dynamics of changing prices. This framework incorporates customer interpretations of price changes, an awareness of the organizational costs of price changes, investments in future pricing processes, and an understanding of the role that supply chains play in price change strategy. The framework can be used at the tactical level to improve the specific price changes chosen and made, at the managerial level to decide whether or not to make a particular price change at all, and at the strategic level to determine what price adjustment processes should be invested in to improve pricing effectiveness in the future.
25 citations