A dynamic model of price discrimination and inventory management at the Fulton Fish Market |
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| Authors: | Kathryn Graddy George Hall |
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| Institution: | 1. Laboratoire de Génie Physique, Université Ibn-Khaldoun, 14000 Tiaret, Algeria;2. CINaM, UPR3118 CNRS, Campus de Luminy case 913, 13288 Marseille cedex 9, France;3. Laboratoire d''Elaboration et de Caractérisation des Matériaux, Département d''Electronique, Université Djillali Liabes, BP89, Sidi Bel Abbés 22000, Algeria;1. Department of Economics, University of Iowa, W284 PBB, 21 E. Market Street, Iowa City, IA 52242, United States;2. CONICET-Universidad de San Andrés, Argentina;1. Michigan State Department of Economics, 110 Marshall-Adams Hall, 486 W. Circle Drive, East Lansing, MI 48824, USA;2. Department of Policy Analysis and Management, 102 Martha Van Rensselaer Hall, Ithaca, NY 14853, USA;1. IAEA Collaborating Center on Harmful Algal Bloom (HAB) Studies, Chemistry Research Section, Philippine Nuclear Research Institute, Department of Science and Technology (PNRI-DOST), Diliman, Quezon City, 1101, Philippines;2. Bureau of Fisheries and Aquatic Resources, Diliman, Quezon City, 1101, Philippines;1. Department of Economics, University of Hamburg, Von-Melle-Park 5, 20146 Hamburg, Germany;2. Department of Economics, University of Paderborn, Warburger Straße 100, 33098 Paderborn, Germany;3. BiGSEM, Bielefeld University, Universitätsstraße 25, 33615 Bielefeld, Germany |
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| Abstract: | We estimate a dynamic profit-maximization model of a fish wholesaler who can observe consumer characteristics, set individual prices, and thus engage in third-degree price discrimination. Simulated prices and quantities from the model exhibit the key features observed in a set of high quality transaction-level data on fish sales collected at the Fulton Fish Market. The model's predictions are then compared to the case in which the wholesaler must post a single price to all retailers. We find the added revenue the wholesaler receives from price discriminating to be small. |
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