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The Relationship Between Managerial Heuristics and Economics in Pricing Retail Meats

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  • Reed, Michael R.
  • Robbins, Lynn W.

Abstract

This study develops a theoretical model of the multiproduct firm which allows for imperfect competition in the output market. Hypotheses are tested for retail meat prices concerning the degree and speed of price transmission, the effects of interfirm competition, and the interrelationship between prices within the store. Empirical results indicated that meat prices within a store were highly interrelated. Further, the firm was found to be very responsive to prices of competitors in the short run, but more responsive to wholesale price changes in the long run.

Suggested Citation

  • Reed, Michael R. & Robbins, Lynn W., 1985. "The Relationship Between Managerial Heuristics and Economics in Pricing Retail Meats," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 17(2), pages 87-96, December.
    • Handle: RePEc:cup:jagaec:v:17:y:1985:i:02:p:87-96_02
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    References listed on IDEAS

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    1. R. McFall Lamm & Paul C. Westcott, 1981. "The Effects of Changing Input Costs on Food Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(2), pages 187-196.
    2. Gray, Roger W. & Anderson, Roice, 1962. "Advertised Specials and Local Competition Among Supermarkets," Food Research Institute Studies, Stanford University, Food Research Institute, vol. 3(2), pages 1-16.
    3. Mann, Jitendar S. & St. George, George E., 1978. "Estimates of Elasticities for Food Demand in the United States," Technical Bulletins 157867, United States Department of Agriculture, Economic Research Service.
    4. Sturgess, Ian M., 1970. "A Study of Retail Prices of Groceries in Relation to Standard Price Theory," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 38(04), pages 1-24, December.
    5. Sun, Theresa Y., 1977. "Forecasting Retail Values and Spreads for the Market Basket of U.S. Farm Foods," Technical Bulletins 157865, United States Department of Agriculture, Economic Research Service.
    6. Reed, Michael R. & Robbins, Lynn W., 1981. "An Analysis Of Supermarket Advertising Patterns," Journal of Food Distribution Research, Food Distribution Research Society, vol. 12(3), pages 1-14, September.
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    Cited by:

    1. Andrea MAKINGS & Brian BARNARD, 2019. "The Heuristics of Entrepreneurs," Expert Journal of Business and Management, Sprint Investify, vol. 7(2), pages 179-203.
    2. Unknown, 1990. "Structural Change in Livestock: Causes, Implications, Alternatives," Research Institute on Livestock Pricing 232728, Virginia Polytechnic Institute and State University, Department of Agricultural and Applied Economics.

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