共查询到20条相似文献,搜索用时 78 毫秒
1.
David Stern 《Applied economics》2013,45(12):1327-1333
An econometric analysis of UK house price inflation and changes in residential construction is presented for the period 1971–89, paying particular attention to the supply side of the housing market. The results of this analysis are used to examine the contributions of the various factors to the nominal rate of house price inflation. While the results confirm the importance of real disposable income in determining house prices, they indicate that supply variables may be of greater importance than interest rates in this respect. There are close similarities between the three housing booms of the 1970s and 1980s. 相似文献
2.
We explore how increased competition affects firms’ obfuscation strategies in a laboratory experiment. Firms sell a base good and an add‐on product. Besides choosing the base‐good price, sellers take an action that mimics the effects of shrouding the add‐on product. Shrouding is an equilibrium but an unshrouding equilibrium coexists. In our experiment, more competition matters, in that only duopolistic markets are frequently shrouded whereas four‐firm markets are not. With repeated interaction, shrouding rates do not increase. However, the opportunities to shroud facilitate tacit collusion on the base‐good price for the duopolies: the unshrouding equilibrium serves as a credible punishment if deviations occur. 相似文献
3.
《Research in Economics》2014,68(1):84-93
In a two-tier oligopoly, where the downstream firms are locked in pair-wise exclusive relationships with their upstream input suppliers, the equilibrium mode of competition in the downstream market is endogenously determined as a renegotiation-proof contract signed between each downstream firm and its exclusive upstream input supplier. We find that the upstream–downstream exclusive relationships credibly sustain the Cournot (Bertrand) mode of competition in the downstream market, when the goods are substitutes (complements). In contrast to previous studies, this result holds irrespectively of the degree of product differentiation and the distribution of bargaining power between the upstream and the downstream firm, over the pair-specific input price. 相似文献
4.
Aviral Kumar Tiwari 《Economic Modelling》2012,29(5):1571-1578
The paper examines Granger-causality between the producers' and the consumers' price using Australian data within the frequency domain framework. For long run relation, the Johansen and Juselius (1990) maximum likelihood approach to cointegration was utilized. The test is also supplemented by the Breitung and Candelon (2006) and Lemmens et al. (2008) method. The quarterly data for the study covers 1969q3 to 2010q4. The findings suggest that consumers' price Granger-causes producers' price at an intermediate level of frequencies reflecting medium-run cycles, whereas producers' price does not Granger-cause consumers' price at any level of frequencies. Our study shows that consumers' price is a leading indicator of producers' price. Given that producers' price is used in making various macroeconomic indicators in real terms, the findings should help the Australian policymakers to gain control over the factors that affect consumers' price. The major contribution of the paper is to demonstrate unidirectional causality from consumers' price to the producers' price. Specifically, results show that consumers' price in Australian may have a significant predictive content in how the producers' price evolve. Furthermore, the application of the Breitung and Candelon (2006) and Lemmens et al. (2008) methodology in testing the Granger-causality in frequency domain is also relatively new. 相似文献
5.
Athanasios Tagkalakis 《Economic Modelling》2011,28(6):2532-2543
This paper investigates the effect of commercial, residential property and equity price volatility on the variability of cyclically adjusted government revenue. We find significant evidence that asset price volatility increases the variability of government revenue. A 1% increase in equity price volatility increases government revenue variability by 0.37–0.44%. An increase in residential property price volatility increases revenue volatility by about 0.15–0.22%, whereas this effect diminishes to 0.11% in case of commercial property price. This evidence reflects the automatic increase of government revenue variability due to asset price movements and supports arguments in favour of adjusting fiscal variables for both business cycle and asset price changes. However, we also find evidence that equity price variability increases revenue variability even when government revenue is adjusted for both economic and asset price cycles, indicating the presence of more complicated dynamics between fiscal variables and asset price changes. 相似文献
6.
利用包含汇率波动和通胀预期的IS-Philips模型推导考虑资产价格的货币政策反应函数。在此基础上,分别以股价和房价作为资产价格的代理变量,模拟分析了资产价格波动对中国经济的影响。研究结果表明:考虑资产价格的货币政策在平抑产出和物价波动方面具有显著作用,但会增大利率波动幅度;考虑房价波动的货币政策比考虑股价波动的货币政策在平抑产出和物价波动方面具有更好的效果;与考虑股价波动的货币政策相比,考虑房价波动的货币政策对利率的冲击更小。 相似文献
7.
在众筹发起过程中,策略型消费者将对比众筹价格与零售价格,选择最优购买时机。基于此背景,构建了参考价格效应影响下的两阶段众筹定价模型,设计了众筹发起人的两阶段动态定价策略。发起人根据消费者的耐心程度和参考价格效应强度,选择是否公布零售价格,以及溢价或降价销售。利用理性预期均衡理论和逆向归纳法,得到了发起人与消费者博弈的均衡价格和最优发起策略。结论表明,发起人的策略选择并非单一的,同时受到消费者耐心程度和参考价格效应强度的影响。为众筹发起人的两阶段价格决策提供了理论参考和管理学建议。 相似文献
8.
Christopher McKelvey 《Journal of development economics》2011,95(2):157-169
Given the paucity of quality price data, it is common to rely on “unit value” (average expenditure per unit) as a proxy for price, but this is an imperfect proxy if households respond to price increases by substituting to lower quality goods. This paper draws on survey data that contain both unit value and price to estimate the severity of quality substitution in Indonesia, finding that it is prevalent. The paper next calculates price elasticities that correct for quality substitution, evaluating and ultimately rejecting a commonly used method for calculating price elasticities using only unit value data. Finally, it demonstrates that quality substitution can result in biased price elasticities even when price is perfectly observed. 相似文献
9.
Debasis Mishra 《Journal of Economic Theory》2007,132(1):335-366
Ascending price auctions involving a single price path and buyers paying their final bid price cannot achieve the Vickrey-Clarke-Groves (VCG) outcome in the combinatorial auctions setting. Using a notion called universal competitive equilibrium prices, shown to be necessary and sufficient to achieve the VCG outcome using ascending price auctions, we define a class of ascending price auctions in which buyers bid on a single price path. Truthful bidding by buyers is an ex post Nash equilibrium in such auctions. By giving discounts to buyers from the final price, the VCG outcome is achieved for general valuations. 相似文献
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11.
This article investigates the pricing behaviour of Turkish firms over the period 1988–2006 on the basis of firm-level micro
data. The duration of prices is found to be 3.9 months on average. There is no clear heterogeneity across main groupings in
the frequency of price changes, but more dependence on imported goods reduces price stickiness. Price decreases are less frequent
than price increases, indicating downward rigidity in prices. There is evidence in favour of both time and state-dependent
price setting behaviours. Further, there is a low degree of synchronization of price changes across firms, whereas price increases
tend to be more synchronized than price decreases. Ordered probit models show that price adjustments depend on the type of
the shock: the pass-through of a change in the cost is faster than changing demand. Besides, estimated probabilities of price
adjustments with 5-years rolling windows reveal that inflation targeting has succeeded in bringing down the probability of
price increases, whereas downward price rigidity has not weakened yet. 相似文献
12.
The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We
analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market
price is censored by a government-set support price. The model is applied to the U.S. butter market over the last three decades.
The econometric results show how the price support program affects both expected prices and the volatility of prices. It is
found that the censoring effects of a price support program can be significant and large even if the price support is set
relatively low.
相似文献
Jean-Paul ChavasEmail: |
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14.
运用FAVAR模型,将中国各线城市房价分离出宏观共同因子和特质因子部分,研究了各因子及货币政策对房价的影响。研究发现:大城市的房价更易受宏观共同因子和地区特质因子的影响,且变动的持续性更大;共同因子可在很大程度上解释房价变动的持续性和波动性;共同因子对房价的影响较为持久,而地区特质因子只在短期内影响房价;利率和货币供应量可以有效地影响房价;相比利率,货币供应量对一线和二线城市房价水平的影响更大,对各线城市房价波动的影响更为持久;一线城市的房价水平及其波动对货币政策冲击的敏感度较高,二线城市的敏感度居中,三线城市的敏感度较低;未发现货币政策的"价格之谜"现象,表明本文模型设定的合理性较强。 相似文献
15.
This paper focuses on the relationship between the world oil price and China's coke price, particularly with respect to extreme movements in the world oil price. Based on a daily sample from 2009 to 2015 and the ARJI-GARCH models and copulas, our empirical results show that China's coke price and the world oil price are characterized by GARCH volatility and jump behaviors. Specifically, negative oil price shocks lead to falls in China's coke returns on the following day while positive oil prices have no significant effects. In addition, current coke returns positively respond to the very recent oil price jump intensity, and a time-varying and volatile lower tail dependence is found between the world oil price and China's coke price. Our results are expected to have implications for coke producers and users and policy makers. 相似文献
16.
Abstract From an analytical point of view, some aspects of Just Price theory, probably the most famous and lasting scholastic concept, remain controversial: the cost-of-production versus the subjective-utility theory of value is a main controversy as well as the question of whether the natural just price is conceptually the same as the current market price. Strictly speaking, just price isconceptually the same as the current market price. Of concern is whether the meaning behind the label is the same in both scholastic and liberal traditions. There are different interpretations among scholars. One is that the just price is merely the current market price, and common estimation plays the same role as market forces in a competitive context. Another group states that the just price is quite different from the market price; the fundamental reason is that the ethical framework of the scholastic paradigm sets a corpus of principles that greatly differs from the neoclassical homo economicus. Is it possible to speak of a collaborative market price (scholastic tradition) and competitive market price (liberal tradition)? This article tries to dig into such debate and reflects on the morality of the market price. 相似文献
17.
Huayi Yu 《Frontiers of Economics in China》2010,5(1):25-51
Many theory and empirical literature conclude that house price can reflect economic fundamentals in the long-term. However,
by using China’s panel data of 35 main cities stretching from 1998 to 2007, we find that there is no stable relationship between
house price and economic fundamentals. House price has deviated upward from the economic fundamentals since government started
macro-control of the real estate market. We consider that the mechanism between the house price and economic fundamentals
is distorted by China’s real estate policy, especially its land policy. Meanwhile the policy itself is an important factor
in explaining the changes of China’s house price. Then we estimate the dynamic panel data model on house price and the variables
which are controlled by real estate policy. The result shows: land supply has negative effects on house price; financial mortgages
for real estate have positive effects on house price; and the area of housing sold and the area of vacant housing, which reflects
the supply and demand of the housing market, has negative effects on house price. We also find some differences in house price
influence factor between eastern and mid-western cities. Finally, we propose policy suggestions according to the empirical
results. 相似文献
18.
Chaim Fershtman 《Journal of economic behavior & organization》1982,3(4):389-401
In the world of perfect markets consumers are assumed to respond instantly to every small price change. However, in the real world it is not clear that any small price change will have a great impact on consumers' decisions and that, regardless of their habit, they will shift from one brand to the other. The purpose of this paper is to examine oligopolistic price competition under the assumption that consumers are non-responsive to small price differences. The paper proves the existence of equilibrium in which firms do not necessarily charge the same price; however some of the firms charge their monopolistic price and others charge prices close to that price. 相似文献
19.
Cemil Selcuk 《Economics Letters》2012,115(2):207-210
We endogenize the trading mechanism selection in a model of directed search with risk averse buyers and show that the unique symmetric equilibrium entails all sellers using fixed price trading. Mechanisms that prescribe the sale price as a function of the realized demand (auctions, bargaining, discount pricing, etc.) expose buyers to the “price risk”, the uncertainty of not knowing how much to pay in advance. Fixed price trading eliminates the price risk, which is why risk averse customers accept paying more to shop at such stores. 相似文献
20.
The relative importance of price and information stickiness in price setting to model and explain inflation dynamics is investigated in this study. A structural model of inflation is developed and used which combines two different models of price setting behavior: the sticky price model of the New Keynesian literature and the sticky information model of Mankiw and Reis. In a framework similar to the Calvo model, I assume that there are two types of firms. One type of firm chooses its prices optimally through forward-looking behavior—as assumed in the sticky price model. It uses all available information when deciding on prices. The other type of firm sets its prices under the constraint that the information it uses is “sticky”—as assumed in the sticky information model. It collects and processes the information necessary to choose its optimal prices with a delay. This leads to the sticky price–sticky information (SP/SI) Phillips curve that nests the standard sticky price and sticky information models. Estimations of this structural model show that both sticky price and sticky information models are statistically and quantitatively important for price setting. However, the sticky price firms make up the majority of the firms in the economy. The results are robust to alternative sub-samples and estimation methods. 相似文献