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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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Journal ArticleDOI
TL;DR: The authors found that price judgments are influenced by the distribution of observed prices for other items in the same category, and that price perceptions will be influenced by variations in range and ranks of prices in a distribution and contrast effects will be observed.
Abstract: How are price judgments influenced by the distribution of observed prices for other items in the same category? Processing goals will moderate price-judgment processes. When the processing goal is discrimination, price perceptions will be influenced by variations in range and ranks of prices in a distribution and contrast effects will be observed. For example, lowering the price of the lowest-priced product in a set will increase perceived expensiveness of higher-priced products. When the processing goal is generalization, however, price perceptions will be influenced by variations in the mean of the price distribution, in which case assimilation is observed. For example, lowering the price of the lowest-priced product in a set will decrease perceived expensiveness of higher-priced products. This latter finding is in sharp contrast to findings in the current literature on the effect of price structure on price judgments.

51 citations

Journal ArticleDOI
TL;DR: In this paper, the authors argue that the introduction of new technologies is induced by the disequilibrium conditions brought about in each system by all changes in relative factor prices, and the direction of technological change in terms of its specific form of bias and how it is introduced and adopted, however, reflects the specific conditions of local factor markets.

51 citations

Posted Content
TL;DR: In this paper, the effect of price caps on equilibrium production and welfare in oligopoly under demand uncertainty was analyzed and it was shown that price caps close to marginal cost may lead to zero production, depending on the nature of uncertainty.
Abstract: We analyze the effect of price caps on equilibrium production and welfare in oligopoly under demand uncertainty. We find that high price caps always increase production and welfare as compared to the situation without price cap. Price caps close to marginal cost may lead to zero production, depending on the nature of uncertainty. We characterize the optimal price cap and show that typically, the optimal price cap is bounded away from marginal cost.

51 citations

Posted Content
TL;DR: In this article, the authors provide a comprehensive analysis of reasons why prices may fail to adjust instantaneously to changes in market conditions and integrate existing results from the literature with new results on causes for price adjustment.
Abstract: The price adjustment process is crucial to almost any macroeconomic issue. Current macroeconomic literature freatures 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 macroeconmic 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. 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 combinatin of a valuable survey of the literature, and an original expression of future possible research avenues.

51 citations

Journal ArticleDOI
Zhibing Lin1
TL;DR: In this paper, the problem of price promotion in a supply chain comprising one manufacturer and one retailer, who take into account the reference price effects of consumers, is analyzed as a manufacturer-lead Stackelberg game.
Abstract: We consider the price promotion in a supply chain comprising one manufacturer and one retailer, who take into account the reference price effects of consumers. The problem is analyzed as a manufacturer-lead Stackelberg game. The results indicate that reference price effects could mitigate “double marginalization” effects, and improve the channel efficiency. We also show that the optimal price promotion benefits the manufacturer, retailer and consumers in consumer promotion model. Furthermore, we provide the conditions under which the retailer has an interest in offering price promotion to consumers. Finally, we employ numerical analysis to demonstrate more managerial insights.

51 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20236
20227
202115
202017
201919
201816