In many theoretical models, it is assumed that there are costs associated with adjusting prices. In this paper, the existence, type, and magnitude of such costs are investigated empirically. A discrete- time discrete-choice dynamic-programming model that nests fixed and variable costs is developed, and econometric estimates of the adjustment-cost function are obtained.
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Paper provided by UBC Department of Economics in its series UBC Departmental Archives with number
96-02.
Find related papers by JEL classification: L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
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