Price reference effects in consumer demand
ML Gentry, M Pesendorfer - 2018 - papers.ssrn.com
We develop a structural model of demand with expectations-based reference effects
following Koszegi and Rabin (2006). We apply this model to panel data on ketchup
purchases and a repeated cross section on automobile purchases, finding significant
reference effects in both cases. Estimated reference effects imply substantial differences
between short-and long-run demand responses, with magnitudes comparable to a dynamic
stockpiling model. This attractive model feature allows us to explore price policy alternatives …
following Koszegi and Rabin (2006). We apply this model to panel data on ketchup
purchases and a repeated cross section on automobile purchases, finding significant
reference effects in both cases. Estimated reference effects imply substantial differences
between short-and long-run demand responses, with magnitudes comparable to a dynamic
stockpiling model. This attractive model feature allows us to explore price policy alternatives …
Price Reference Effects in Consumer Demand
M Pesendorfer, M Gentry - 2018 - ideas.repec.org
We develop a structural model of demand with expectations-based reference effects
following Koszegi and Rabin (2006). We apply this model to panel data on ketchup
purchases and a repeated cross section on automobile purchases, finding significant
reference effects in both cases. Estimated reference effects imply substantial differences
between short-and long-run demand responses, with magnitudes comparable to a dynamic
stockpiling model. This attractive model feature allows us to explore price policy alternatives …
following Koszegi and Rabin (2006). We apply this model to panel data on ketchup
purchases and a repeated cross section on automobile purchases, finding significant
reference effects in both cases. Estimated reference effects imply substantial differences
between short-and long-run demand responses, with magnitudes comparable to a dynamic
stockpiling model. This attractive model feature allows us to explore price policy alternatives …
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