Econ Papers Daily / 期刊论文
焦点定价约束与投入成本变化的传导
Focal pricing constraints and pass-through of input cost changes
摘要
Pass-through rates are relevant in a variety of contexts, such as estimating antitrust damages. It is often asserted that focal pricing, the practice of charging only special prices, e.g. ending in 9s, reduces the degree of pass-through in an industry. This claim has had serious consequences; for example, it has contributed to the dismissal of high-profile antitrust cases. However, it is not grounded in economic theory or evidence. I prove that, in a simple but general framework, expected pass-through is unchanged by the presence of focal pricing constraints. Therefore, the fact that an industry is characterised by focal pricing constraints does not entail that it will also be characterised by a low pass-through rate.
中文摘要
通过率在多种情境下具有重要意义，例如在估算反垄断损害赔偿时。常有观点认为，焦点定价——即仅收取特定价格（如以9结尾的价格）的做法——会降低行业内的通过率。这一论断已产生严重后果；例如，它曾导致备受瞩目的反垄断案件被驳回。然而，这一说法并无经济学理论或实证依据。我证明，在一个简单但普遍的框架下，焦点定价约束的存在并不会改变预期的通过率。因此，一个行业存在焦点定价约束，并不意味着该行业也会表现出较低的通过率。