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Journal articles on the topic 'Price theory'

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Published: 4 June 2021

Last updated: 30 May 2022

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1

Weyl, E. Glen. "Price Theory." Journal of Economic Literature 57, no. 2 (June 1, 2019): 329–84. http://dx.doi.org/10.1257/jel.20171321.

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I argue that there exists a coherent and relevant tradition in economic thought that I label “price theory.” I define it as neoclassical microeconomic analysis that reduces rich and often incompletely specified models into “prices” (approximately) sufficient to characterize solutions to simple allocative problems. I illustrate this definition by highlighting distinctively price theoretic approaches to prominent research practices (diagrams and problems sets) and substantive research topics (e.g. selection markets and media slant). I trace the origins of price theory from the early nineteenth century through its segregation into the Chicago School in the last quarter of the twentieth. I argue that price theory plays a valuable complementary role to two traditions, “reductionism” and “empiricism,” with which I contrast it and show how this contribution of price theory has fueled a resurgence in this style of research in fields ranging from market design to international trade. Approximations critical to price theory are less formally developed than tools used in other methodological traditions, suggesting a research agenda to clarify the accuracy and range of validity of these methods.(JEL B13, B21, B41, D00, D47, F10)

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2

Shiyan, D., and Y. Babochkina. "Expectations theory and wheat price dynamics." Agricultural Economics (Zemědělská ekonomika) 53, No. 10 (January 7, 2008): 483–89. http://dx.doi.org/10.17221/926-agricecon.

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The analysis of prices on wheat in Germany from the point of view of the theory of expectations is given. For this purpose, the authors propose their own method of data processing which is called the method of sliding expectations. Different variants of its application were tested for the prognosis of the future meanings of the dynamic line. The conclusion is made as to the proposed methodology that permits to increase the prognosis authenticity. The treatment of the primary data of dynamic lines by sliding expectations allows to make their character closer to the stationary ones and to use it in the future analysis.

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3

Dastagiri, M. B., and L. Bhavigna. "The Theory of Agricultural Price Bubble & Price Crash in Global Economy." Applied Economics and Finance 6, no. 5 (August 21, 2019): 168. http://dx.doi.org/10.11114/aef.v6i5.4464.

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Agricultural prices play greater role in living Economics. Since many decades’ farmers faced declining agricultural prices and low prices in developing countries. Therefore, in these countries agricultural price policies are under closer appraisal. Government and policy makers worry about inflation. Economic precision is required in determining prices. This understanding led to conception of the study. The specific objectives are to review various agricultural price theories, research evidences and construct the theory of agricultural price bubble and crash and their effect on macro economy and suggest measures to improve. The study reviews various agricultural price theories, concepts, policies, research gaps and do meta-analysis and formulated the theory of Agricultural prices bubble and price crash. Since 1950, many development economists and practitioners prophesy in developing countries is that low agricultural commodities prices discourage poverty alleviation. Many countries are unable to make successful pricing policies due to there is not enough operative methodological and theoretical support for decision-making. According to the economic theory of cooperativism, the entities come closer to the pecking order theory. Unexpected changes and changes in regulations can have significant impact on the profitability of farming activities. “Demand channel" is the crucial factor in elucidation of commodity price growth. Future prices moments in agriculture have fat-tailed distributions and display quick and unpredicted price jumps. World Trade Organization study highlights the importance of strengthening multilateral disciplines on both import and export trade interventions to food price fluctuations to reduce beggar-thy-neighbor unilateral trade policy. The theory of NAFTA regionalism did not lead to regionalization and not increasing share of intraregional international trade. In EU countries land rents in modern agriculture causing upward trend in agricultural land prices. Information friction, agricultural supports, agricultural price & trade policies, agricultural price transmission are responsible price fluctuations. In economic theory, asymmetric price transmission has been the subject of considerable attention in agricultural gaps. Selection of forecasting models are based on chaos theory. Chaos in agricultural wholesale price data provides a good theoretical basis for selecting forecasting models. This theory can be applied to agricultural prices forecasting. Novelties in agricultural products fluctuations research offer scientific basis in planning of agricultural production.

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4

Melching, Konstantin, and Tristan Nguyen. "On the Impact of Dividend Payments on Stock Prices - an Empirical Analysis of the German Stock Market." Studies in Business and Economics 16, no. 1 (April 1, 2021): 255–69. http://dx.doi.org/10.2478/sbe-2021-0020.

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Abstract This paper examines the relation between dividend payments and stock prices of all firms in the German prime standard DAX 30 in the time period from 2012 to 2019. The irrelevance theory introduced by Miller and Modigliani states that dividend payments must not have an impact on stock prices in a perfect market. In contrast, the signaling theory and the dividend puzzle indicate that dividend payments are likely to have a profound impact on the stock price. According to our findings the ex-dividend decrease of stock prices was significantly smaller than the dividend payment. Nevertheless, the results support the impact of the dividend payment on the share price. Firstly, the existence of the ex-dividend markdown is a proof that dividend payments cause share price losses. Secondly, the study explains in particular that high dividend payments result in high share prices over the examined period. Thirdly, our analysis demonstrates a positive correlation between the dividend and the stock price development according to the signaling theory. Considering the above- mentioned results, we can conclude that the share price of a company is highly affected by the decision making of the company regarding the dividend policy.

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5

Kaplan, Greg, Guido Menzio, Leena Rudanko, and Nicholas Trachter. "Relative Price Dispersion: Evidence and Theory." American Economic Journal: Microeconomics 11, no. 3 (August 1, 2019): 68–124. http://dx.doi.org/10.1257/mic.20170126.

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Relative price dispersion refers to persistent differences in the price that different retailers set for one particular good relative to the price they set for other goods. Relative price dispersion accounts for 30 percent of the overall variance of prices at which the same good is sold during the same week and in the same market. Relative price dispersion can be rationalized as the consequence of a pricing strategy used by sellers to discriminate between high-valuation buyers who need to make all of their purchases in one store, and low-valuation buyers who are able to purchase different items in different stores. (JEL D83, L11, L21, L81)

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6

Curry, David J., and Peter C. Riesz. "Prices and Price/Quality Relationships: A Longitudinal Analysis." Journal of Marketing 52, no. 1 (January 1988): 36–51. http://dx.doi.org/10.1177/002224298805200104.

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Though price and quality are recognized as important tactical and strategic variables for a marketing manager, few empirical data are available on the behavior of price or the correspondence between price and quality over time. The authors report results for three hypotheses derived from product life cycle theory, dynamic pricing policy, and economic information theory about price trends, price convergence, and the correspondence between price and quality among brands in 62 durable product forms. Results strongly confirm the hypotheses that prices converge as well as decrease in real terms. The decline in price variation apparently results from a narrowing of prices by all relevant competitors. Brands entering or exiting a category counterbalance one another and are nearly as likely to be priced below as above a category mean. Reduced correspondence between price and quality levels over time suggests that as pricing flexibility declines, competition may occur in the form of promotional expenditures rather than relative quality improvements. Implications of these findings for marketing strategy and consumer welfare are discussed.

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7

Xu, Chao Yu. "The Prediction of Shadow Price Based on Grey Theory." Applied Mechanics and Materials 501-504 (January 2014): 2610–13. http://dx.doi.org/10.4028/www.scientific.net/amm.501-504.2610.

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The shadow price is based on price changes in market prices, "price estimate", which still lag behind the changes in the market price.The paper calculated shadow price sensitive to changes in resource pricesdegrees, through the gray theory GM (1,1) model forecast the market price, and speculated that the estimated price of the next period resources.

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8

MADAN, DILIP B. "CONIC PORTFOLIO THEORY." International Journal of Theoretical and Applied Finance 19, no. 03 (April 21, 2016): 1650019. http://dx.doi.org/10.1142/s0219024916500199.

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Portfolios are designed to maximize a conservative market value or bid price for the portfolio. Theoretically this bid price is modeled as reflecting a convex cone of acceptable risks supporting an arbitrage free equilibrium of a two price economy. When risk acceptability is completely defined by the risk distribution function and bid prices are additive for comonotone risks, then these prices may be evaluated by a distorted expectation. The concavity of the distortion calibrates market risk attitudes. Procedures are outlined for observing the economic magnitudes for diversification benefits reflected in conservative valuation schemes. Optimal portfolios are formed for long only, long short and volatility constrained portfolios. Comparison with mean variance portfolios reflects lower concentration in conic portfolios that have comparable out of sample upside performance coupled with higher downside outcomes. Additionally the optimization problems are robust, employing directionally sensitive risk measures that are in the same units as the rewards. A further contribution is the ability to construct volatility constrained portfolios that attractively combine other dimensions of risk with rewards.

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9

Blank, Steven C. "Price Dependence and Futures Price Theory." Northeastern Journal of Agricultural and Resource Economics 14, no. 2 (October 1985): 169–76. http://dx.doi.org/10.1017/s0899367x00000933.

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A new interpretation of commodity futures price theory is evaluated because, currently, many products exhibit price behavior which cannot be explained with existing theory. A method for classifying products according to the particular price theory relevant to them is provided. The classification method uses the futures price dependence enforced by arbitrage opportunities in spot markets as its base. The futures markets for beef cattle and corn are used as examples.

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10

Endres, Tony. "Schumpeter’s Price Theory." History of Economics Review 68, no. 1 (September 2, 2017): 83–86. http://dx.doi.org/10.1080/10370196.2018.1444325.

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11

Cheng, Min Yuan, and Chia Chi Hsiang. "Bidding Decision Model Based on Prospect Theory and Game Theory." Advanced Materials Research 723 (August 2013): 951–59. http://dx.doi.org/10.4028/www.scientific.net/amr.723.951.

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In the construction industry, most of the owners apply competitive bidding to award a contract to the lowest price qualified contractor. This study proposes a model concerning the preferences and the behaviors of all decision makers whom participation in an competitive bidding to assist contractors to make optimal bidding strategy decisions and set appropriate bidding prices. Researchers demonstrated model applicability using an actual case study, which shows how this model help the construction company’s primary decision maker to determine the appropriate bidding price in a multi-competitors condition.

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12

Bridel, Pascal. "Sismondi’s Price Theory: From a Liberating to a Despotic Market." History of Political Economy 53, no. 4 (June 23, 2021): 697–720. http://dx.doi.org/10.1215/00182702-9308925.

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This article examines the evolution of Sismondi’s price theory as well as his concept of market from 1803 to 1838. Sismondi’s early 1803 price theory in terms of supply and demand is first examined and contrasted with that of Smith in the Wealth of Nations. The progressive alterations brought to this initial formulation are discussed with the help of the relevant chapters from Nouveaux Principes ([1819] 1827) and from Études (1836–1838). In price theory terms, throughout the years Sismondi grew more and more skeptical about the process through which these prices would come about. Connecting this analytical issue with his concept of republican justice, he comes to the conclusion that a market economy characterized by unlimited competition will never lead to a socially desirable solution: such an order is neither efficient, nor natural or spontaneous and political economy is not morally neutral. In short, for Sismondi, the market never stood alone while, for him, the Ricardian approach gave nearly exclusive pride of place to market in the pursuit of wealth and happiness.

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13

Elder-Vass, Dave. "No price without value: towards a theory of value and price." Cambridge Journal of Economics 43, no. 6 (August 17, 2019): 1485–98. http://dx.doi.org/10.1093/cje/bez040.

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Abstract The relationship between value and price, a central focus of classical political economy, has fallen into the shadows of neglect in contemporary economics. This paper builds on a critical realist framework and findings from the economics of conventions and the sociology of valuation to develop a theory of value that returns to the relation between value and price. It argues that value is best understood as a view of the price that something ought to exchange at, and that these views are shaped normatively by a host of lay theories of value and the groups and organisations that advance them. Through their effects on our assessments of value, these theories also influence the determination of prices. Although prices in open systems are determined by many interacting factors, lay theories of value play a crucial role in the process.

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14

Bloch, Harry. "Prices In Motion: Towards A Schumpeterian Price Theory." Metroeconomica 67, no. 4 (March 8, 2016): 742–67. http://dx.doi.org/10.1111/meca.12119.

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15

Larson, Ronald B. "Price Promotion Evaluation Using Price Discrimination Theory." Journal of Promotion Management 4, no. 1 (January 22, 1997): 75–87. http://dx.doi.org/10.1300/j057v04n01_07.

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16

Kim, Suhkyong. "Underpricing of Index Futures prices, Prospect Theory and Intraday Momentum." Journal of Derivatives and Quantitative Studies 21, no. 1 (February 28, 2013): 71–96. http://dx.doi.org/10.1108/jdqs-01-2013-b0003.

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We investigate intraday data for KOSPI 200 index and KOSPI 200 index futures. Hourly theoretical futures prices are calculated based on cost of carry model. we compare hourly index futures prices with their theoretical prices. Consistent with a large body of previous researches in this area, we find the persistent deviation of futures prices from their theoretical prices. Futures prices are undervalued relative to their theoretical prices. The data indicate that the difference between futures price and its theoretical price exhibits U-shaped pattern over the trading hours. The differences are higher at open and at 15:00 and are lower over intraday trading hours, implying that previous studies using daily closing prices overstate this mispricing. We also examine the effect of intraday spot return on the behavior of the difference between the hourly futures price and its theoretical price. The finding indicates that the intraday momentum generates U-shaped pattern of this mispricing. This contrasts with Kim and Park (2011)'s finding that the difference also increases as the prior 60 day spot return increases. Our finding invalidates their explanation the activities of arbitrageurs bring monotonic increasing pattern of the magnitude of this mispricing in their daily data. We propose a new explanation the U shaped patttern of the difference between the futures price and its theoretical price generated by the intraday spot return's moment. We introduce risk-seeking trader in our new explanation. The trader's risk-seeking behavior is based on prospect theory (Kahneman and Tversky (1979)). We argue that the risk-seeking traders cause intraday momentum effect to generate the U-shaped pattern of this mispricing. We add speculator's variables to Kim and Park (2011)'s regression equation and estimate it. The results from the regression analysis lend support to our new explanation as well as theirs, implying that speculators and arbitrageurs are present and active in the spot and futures markets and generate different pattern of the mispricing.

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17

Dash, Santosh K. "Structuralist Vs. Post-Keynesian Theory: Industrial Pricing in India." Asian Journal of Empirical Research 6, no. 7 (November 5, 2016): 187–200. http://dx.doi.org/10.18488/journal.1007/2016.6.7/1007.7.187.200.

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How is industrial price determined in India? Using 40 years data spanning from 1970-71 through 2009-10 we provide fresh evidence to this question. We ask whether industrial pricing responds more to wage cost that rises with exogenous factors such as food prices (Structuralist theory) or to the endogenous need to finance new investment (i.e., Post-Keynesian theory). Though both the theories argue that industrial price is cost-determined, yet they differ in their methodology and thus, policy implication differs. We use Engel-Granger cointegration test and ARDL bounds test to answer the question. Since data support both the theories, a non-nested test is conducted where we find that the Structuralist theory outperforms its rival. This points out to the important role of agricultural goods in general, and food prices in particular in industrial price. The policy implication of this finding is that since agricultural prices play an important role in industrial price inflation, then monetary policy cannot control core inflation. Rather, the solution may lie in improving agricultural productivity through raising greater public investment.

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18

Boshoff, Willem H., and Johannes Paha. "List Price Collusion." Journal of Industry, Competition and Trade 21, no. 3 (April 20, 2021): 393–409. http://dx.doi.org/10.1007/s10842-021-00360-w.

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AbstractFirms sometimes collude by agreeing on increases in list prices. Yet, the efficacy of such list price collusion is subject to discussion as colluding firms might, in principle, deviate secretly from the elevated prices by granting their customers discounts. This article reviews cases of list price collusion in the USA and Europe, and it presents a theory of harm suggesting that a combination of anchoring, orientation on reference points, and loss aversion may render list price collusion effective in raising transaction prices—even if firms set transaction prices in a non-coordinated fashion.

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19

García-Gallego, Aurora, Nikolaos Georgantzís, Pedro Pereira, and José C. Pernías-Cerrillo. "Bias and Size Effects of Price-Comparison Platforms: Theory and Experimental Evidence." Review of Network Economics 15, no. 1 (January 1, 2016): 1–34. http://dx.doi.org/10.1515/rne-2016-0015.

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AbstractWe analyze the impact on consumer prices of some information characteristics of price-comparison search platforms. An equilibrium model where vendors compete in prices and consumers do not observe prices, but can obtain price information through a search platform, is developed. The model generates several predictions about the impact on the price distribution of: (i) the size of the search platform’s sample, (ii) whether the search platform’s sample is random, and (iii) the number of vendors in the market. The model’s predictions are tested experimentally. The results confirm the predictions about (ii) and (iii), but reject the model’s predictions about (i).

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20

Wang, Shing-Yi. "State Misallocation and Housing Prices: Theory and Evidence from China." American Economic Review 101, no. 5 (August 1, 2011): 2081–107. http://dx.doi.org/10.1257/aer.101.5.2081.

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This paper examines the equilibrium price effects of the privatization of housing assets that were previously owned and allocated by the state. I develop a theoretical framework that shows that privatization can have ambiguous effects on prices in the private market, and that the degree of misallocation of the assets prior to privatization determines the subsequent price effects. I test the predictions of the model using a large-scale housing reform in China. The results suggest that the removal of price distortions allowed households to increase their consumption of housing and led to an increase in equilibrium housing prices. (JEL L33, O18, P25, R31, R38)

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21

Babcock, Paul. "Paralyzed by Prices: An Analysis of Price Theory within the Context of Health Care." Linacre Quarterly 86, no. 1 (February 2019): 89–102. http://dx.doi.org/10.1177/0024363919837861.

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This article examines the structure of pricing within health care. The price mechanism within health care does not function as it does in other sectors of the economy. The author examines the price theories of capitalism, socialism, and solidarism to illuminate the purpose of prices relevant to health care. Drawing points from each system, the author argues in favor of a solidarist approach to prices relying on principles set forth in Catholic social teaching, with the caveat that the capitalist natural price must first be determined. The unique features of healthcare pricing and prioritization indicate that moral principles must guide the economics of health care, not merely supply and demand. Summary: This article discusses the problems with creating useful prices in health care. It examines the price theories of capitalism, socialism, and solidarism to see which would be most useful for health care price formation.

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22

Burtnyak, I. V., and H. P. Malytska. "Application of the spectral theory and perturbation theory to the study of Ornstein-Uhlenbeck processes." Carpathian Mathematical Publications 10, no. 2 (December 31, 2018): 273–87. http://dx.doi.org/10.15330/cmp.10.2.273-287.

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The theoretical bases of this paper are the theory of spectral analysis and the theory of singular and regular perturbations. We obtain an approximate price of Ornstein-Uhlenbeck double barrier options with multidimensional stochastic diffusion as expansion in eigenfunctions using infinitesimal generators of a $(l+r+1)$-dimensional diffusion in Hilbert spaces. The theorem of accuracy estimation of options prices approximation is established. We also obtain explicit formulas for derivatives price based on the expansion in eigenfunctions and eigenvalues of self-adjoint operators using boundary value problems for singular and regular perturbations.

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23

Dostaler, G. "Post Keynesian Price Theory." History of Political Economy 32, no. 3 (September 1, 2000): 698–99. http://dx.doi.org/10.1215/00182702-32-3-698.

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24

Shapiro, Nina. "Post Keynesian Price Theory." Journal of Economic Issues 34, no. 4 (December 2000): 990–92. http://dx.doi.org/10.1080/00213624.2000.11506330.

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25

Gibbs, Michael, Mikel Tapia, and Frederic Warzynski. "Globalization, Superstars, and Reputation: Theory & Evidence from the Wine Industry." Journal of Wine Economics 4, no. 1 (2009): 46–61. http://dx.doi.org/10.1017/s1931436100000675.

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AbstractWe develop a simple model of the effects of reputation on prices. An increasing fraction of consumers who are “naive” (less informed about quality) results in a stronger sensitivity of prices to ratings of quality. We then argue that this may be a factor in price dynamics for goods that become more widely traded as a result of globalization. We then provide some empirical analysis of these ideas using data on prices and Robert Parker's ratings of wines. Wine prices are strongly related to ratings, and even more so for higher quality wine categories. In addition, changes in Parker ratings for the same wine result in large price changes. Price elasticities with respect to ratings have risen dramatically since 1993. One plausible explanation for this is the growing globalization of the fine wine market, which increases the prevalence of naive wine consumers. (JEL Classification: D8, F1, L1, Q1)

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26

Li, Shuangjie, Xuefeng Hu, and Liming Wang. "Could the Stock Market Adjust Itself? An Empirical Study Based on Mean Reversion Theory." Journal of Systems Science and Information 8, no. 2 (May 26, 2020): 97–115. http://dx.doi.org/10.21078/jssi-2020-097-19.

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AbstractThis paper mainly studies whether and how stock prices fluctuate around their intrinsic values. Based on data from 10 stock markets for the period between 2000 and 2018, we demonstrate that the relative price fluctuates around and approaches the intrinsic value in the long term. For the ten markets, the relative price crosses the intrinsic value on average once in 3 ∼ 4 years. Profitability growth is a key factor in rising stock prices, but the level of valuations in the market has a regulatory effect to the growth of price in the future: For every 1 % increase in valuation, the price tends to decline by 0.26% in the next year, 0.74% in the next 3 years.

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27

Kaustia, Markku. "Prospect Theory and the Disposition Effect." Journal of Financial and Quantitative Analysis 45, no. 3 (April 28, 2010): 791–812. http://dx.doi.org/10.1017/s0022109010000244.

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AbstractThis paper shows that prospect theory is unlikely to explain the disposition effect. Prospect theory predicts that the propensity to sell a stock declines as its price moves away from the purchase price in either direction. Trading data, on the other hand, show that the propensity to sell jumps at zero return, but it is approximately constant over a wide range of losses and increasing or constant over a wide range of gains. Further, the pattern of realized returns does not seem to stem from optimal after-tax portfolio rebalancing, a belief in mean-reverting returns, or investors acting on target prices.

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Maevsky, V. "Economic Measurement and Fundamental Theory." Voprosy Ekonomiki, no. 10 (October 20, 2005): 25–39. http://dx.doi.org/10.32609/0042-8736-2005-10-25-39.

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The article discusses one of the fundamental problems of economic science - the problem of measuring dynamics of inflation and real product. It is argued that the conventional approach according to which inflation can be measured with so called general price index is theoretically unsound because it contradicts the essence of money as the universal measure of value of commodities and services. Inflation as a money phenomenon must be measured not with general but with particular price index, which determines movement of prices in the group of commodities and services, the needs in which have reached the level of saturation. This result is especially topical under acceleration of the quality change growth in the economy.

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29

McNew, Kevin. "Spatial Market Integration: Definition, Theory, and Evidence." Agricultural and Resource Economics Review 25, no. 1 (April 1996): 1–11. http://dx.doi.org/10.1017/s1068280500000010.

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A point-space model of interregional trade is used to define market integration and to explore its implications for modeling spatial price relationships. This analysis indicates that spatial prices are related nonlinearly, contrary to much of the work on spatial price analysis which uses linear models. As an empirical example, corn market integration along the Mississippi River is examined during the Midwest flood of 1993. Higher transport costs during this period significantly reduced the extent of integration and thereby decreased excess demand shock transference across regions.

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30

Moita, Rodrigo M. S., and Claudio Paiva. "Political Price Cycles in Regulated Industries: Theory and Evidence." American Economic Journal: Economic Policy 5, no. 1 (February 1, 2013): 94–121. http://dx.doi.org/10.1257/pol.5.1.94.

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The early work of Stigler (1971) treats the regulatory process as the arbitration of conflicting economic and political interests rather than a pure welfare-maximizing effort. This paper builds on these ideas and models the regulatory process as a game where the industry-lobby, consumers-voters, and a regulator-politician interact to define the regulated price, in alternating electoral and non-electoral periods. The equilibrium that emerges consists of a fully rational political price cycle in a regulated industry. Using monthly data for regulated gasoline and electricity prices from Brazil, we find strong evidence pointing towards the existence of electoral price cycles in both markets. (JEL D72, L51, L71, L78, L94, L98, O14)

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Meran, Georg, and Reimund Schwarze. "A Theory of Optimal Green Defaults." Sustainability 10, no. 8 (August 16, 2018): 2902. http://dx.doi.org/10.3390/su10082902.

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This paper develops an analytical framework for studying the Baumol–Oates efficiency of traditional single instrument abatement policies vis-à-vis green defaults in the face of price inertia and passive choice by subpopulations. In this special case of behavioural heterogeneity, command and control approaches can outperform price-based instruments while pure tax/subsidy schemes need to be adjusted in order to achieve politically desired levels of abatement. We also prove that choice-preserving nudges are superior to any single-instrument policy in this case. An average marginal abatement cost rule is developed to optimize the green defaults and traditional policies of standards and prices under different degrees of market rigidity.

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32

Redding, Stephen J., and David E. Weinstein. "Measuring Aggregate Price Indices with Taste Shocks: Theory and Evidence for CES Preferences*." Quarterly Journal of Economics 135, no. 1 (September 30, 2019): 503–60. http://dx.doi.org/10.1093/qje/qjz031.

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Abstract We develop an approach to measuring the cost of living for CES preferences that treats demand shocks as taste shocks that are equivalent to price shocks. In the presence of relative taste shocks, the Sato-Vartia price index is upward biased because an increase in the relative consumer taste for a variety lowers its taste-adjusted price and raises its expenditure share. By failing to allow for this association, the Sato-Vartia index underweights drops in taste-adjusted prices and overweights increases in taste-adjusted prices, leading to what we call a “taste-shock bias.” We show that this bias generalizes to other invertible demand systems.

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33

Xue, Yong Gang, and Ming Li Zhang. "Application of Option-Based Pricing Model in Investment Decision." Advanced Materials Research 926-930 (May 2014): 3762–65. http://dx.doi.org/10.4028/www.scientific.net/amr.926-930.3762.

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The methodology is proposed to price the land in China based on real options model. The results from the option-based model in this research favor the application of the real option theory in land prices and have important role on investment decision. The results show the following conclusions: Firstly, the empirical results show the uncertainty with respect to built asset return has a substantial effect on increasing land prices, which is only explained by the option theory. Secondly, the asset price and the size of city have positive role on increasing the land price from. Thirdly, the risk-free interest rate affects option prices in two opposite direction. Lastly, information of the previous period has a very strong effect on the next period's land price.

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34

JARROW, ROBERT A., and PHILIP PROTTER. "FORWARD AND FUTURES PRICES WITH BUBBLES." International Journal of Theoretical and Applied Finance 12, no. 07 (November 2009): 901–24. http://dx.doi.org/10.1142/s0219024909005518.

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This paper extends and refines the Jarrow et al. (2006, 2008) arbitrage free pricing theory for bubbles to characterize forward and futures prices. Some new insights are obtained in this regard. In particular, we: (i) provide a canonical process for asset price bubbles suitable for empirical estimation, (ii) discuss new methods to test empirically for asset price bubbles using both spot prices and call/put option prices on the spot commodity, (iii) show that futures prices can have bubbles independent of the underlying asset's price bubble, (iv) relate forward and futures prices under bubbles, and (v) relate price options on futures with asset price bubbles.

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35

Kozlova, М. A. "Törnqvist Formula for Сalculating a Consumer Price Index in Russia: Theory and Practice." Voprosy statistiki 27, no. 5 (October 26, 2020): 87–94. http://dx.doi.org/10.34023/2313-6383-2020-27-5-87-94.

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The article reflects the author’s position on the adjustment of the so-called substitution bias, which affects the value of the consumer price index, currently calculated using the Laspeyres formula. The author proposes a solution to the problem of the adequacy of statistical measurements of the dynamics of consumer prices in the case when, as a result of changing cost of the consumer basket, a buyer replaces a relatively expensive product with a relatively cheaper one. This solution is based on the existing index construction methodology (axiomatic, economic and stochastic approaches). The article substantiates the use of the Törnqvist formula, which has better properties in comparison with other formulae used in the construction of superlative indices. The authors calculated the Törnqvist price index for Russia based on Rosstat methodology and data using country-level quarterly group price indices and shares of consumer spending. To evaluate the results of empirical testing Laspeyres price index was compiled using the same quarterly data as the Törnqvist index. The values of the Törnqvist price index in most cases are less than the price dynamics obtained according to the Laspeyres formula. This conclusion is proved both theoretically and empirically, and it is confirmed for Russia as well. However, due to the non-observance of the conditions of smooth trends in consumer prices, the difference between the values of the Törnqvist and Laspeyres indices is significantly larger in certain quarters than that presented in empirical studies in other countries. Consumer price index, calculated using the Törnqvist formula, in the system of indicators of price statistics in Russia can be defined as an indicator that specifies the main consumer price index. Calculation of its value is necessary for a more realistic description of the processes taking place in the consumer market.

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Gunner, John, and Martin Skitmore. "Pre-bid building price forecasting accuracy: price intensity theory." Engineering Construction and Architectural Management 6, no. 3 (September 1999): 267–75. http://dx.doi.org/10.1046/j.1365-232x.1999.00116.x.

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GUNNER, JOHN, and MARTIN SKITMORE. "Pre‐bid building price forecasting accuracy: price intensity theory." Engineering, Construction and Architectural Management 6, no. 3 (March 1999): 267–75. http://dx.doi.org/10.1108/eb021117.

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Eastwood, David B., John R. Brooker, and Danny E. Terry. "Household Nutrient Demand: Use of Characteristics Theory and a Common Attribute Model." Journal of Agricultural and Applied Economics 18, no. 2 (December 1986): 235–46. http://dx.doi.org/10.1017/s0081305200006282.

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AbstractA characteristics model, which assumes goods generate a common set of attributes but no unique attribute, is described. The model yielded two equations which were estimated. One was a set of hedonic price equations in which the price paid for each food purchased was a function of imputed attribute prices. This set of equations was estimated at the household level. Nutrient demand equations were estimated across households. Imputed prices, income, and household characteristics including location, size, education, age distribution, and race affected nutrient demand levels.

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Chen, Chi-Chung, and Shih-Hsun Hsu. "Estimating the Potential Water Transfer Prices Using Price Endogenous Theory." Water Resources Management 24, no. 12 (February 10, 2010): 3237–56. http://dx.doi.org/10.1007/s11269-010-9604-1.

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Zinenko, A. "Catastrophe theory and price dynamics." Экономика и математические методы 54, no. 4 (December 2018): 116–23. http://dx.doi.org/10.31857/s042473880003325-6.

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41

Giussani, Paolo. "Orthodoxy in Marxian Price Theory." International Journal of Political Economy 28, no. 4 (December 1998): 6–22. http://dx.doi.org/10.1080/08911916.1998.11643976.

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42

Whitaker, J. K. "The Foundations of Price Theory." History of Political Economy 37, no. 1 (March 1, 2005): 168–73. http://dx.doi.org/10.1215/00182702-37-1-168.

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Brems, H. "Price Theory: A Stylized History." History of Political Economy 23, no. 4 (December 1, 1991): 675–85. http://dx.doi.org/10.1215/00182702-23-4-675.

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Howard Nicholas. "Whither Sraffa's Theory of Price?" World Review of Political Economy 5, no. 3 (2014): 315. http://dx.doi.org/10.13169/worlrevipoliecon.5.3.0315.

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Ross, Howard N. "Oligopoly theory and price rigidity." Antitrust Bulletin 32, no. 2 (June 1987): 451–69. http://dx.doi.org/10.1177/0003603x8703200206.

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DING, Chengri, and Yi NIU. "Which is Driver? Land Price or Housing Price: Examining the Urban Spatial Structure of Beijing." Chinese Journal of Urban and Environmental Studies 04, no. 03 (September 2016): 1650026. http://dx.doi.org/10.1142/s2345748116500263.

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This paper examines the spatial structure of Beijing to determine the relationship between land price and housing price. The purposes of the paper are two-fold. One is to help to better understand the roles in which land markets play in urban development and the other is to explain skyrocketing land prices, particularly in the first decade of the 21st century. It has been debated whether land supply is the main cause for skyrocketing land prices. This paper, however, concludes that it is housing price that drives up skyrocketing land prices. The analytical framework to draw the conclusion is to investigate urban spatial development patterns to see if they are consistent with the outcomes of urban model/theory in which land is treated as a production factor for housing and land demand is a derived demand. If the answer is yes, we can conclude the driving role of housing prices on land prices, even though we recognize the effect of land supply restrictions on land prices. So the paper first examines the urban spatial pattern of Beijing, with reference to urban economic model. And then the paper estimates the parameters of a CES-type housing production function. The paper conducts numerical simulation to illustrate how a small increase in housing prices will lead to big increases in land prices. The paper concludes (1) effective roles of price mechanism in land and urban development as manifested by relatively fast decay of land prices compared to housing prices, as expected according to urban theory; and (2) a 25% increase in housing price can lead to 50–125% increases in land prices, depending on the distance to city center. We believe that our finding has substantial policy implications in China.

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Benigno, Pierpaolo. "A Central Bank Theory of Price Level Determination." American Economic Journal: Macroeconomics 12, no. 3 (July 1, 2020): 258–83. http://dx.doi.org/10.1257/mac.20190008.

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This paper develops a theory in which the central bank can control the price level without fiscal backing. It is shown that the remittances policy and the balance sheet of the central bank are important elements to specify. A central bank that is appropriately capitalized can succeed in controlling prices by setting the interest rate on reserves, holding short-term assets, and rebating its income to the treasury from which it has to maintain financial independence. (JEL E31, E52, E58)

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Dinkin, Aaron J., and Robin Dodsworth. "Gradience, allophony, and chain shifts." Language Variation and Change 29, no. 1 (March 2017): 101–27. http://dx.doi.org/10.1017/s0954394517000035.

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ABSTRACTThe monophthongization of /ay/ in the Southern United States is disfavored by following voiceless consonants (price) relative to voiced or word-final environments (prize). If monophthongization is the trigger for the Southern Shift (Labov, 2010) and chain shifts operate as predicted by a modular feedforward phonological theory (cf. Bermúdez-Otero, 2007), this implies price and prize must be two ends of a phonetic continuum, rather than two discrete allophones. We test this hypothesis via distributional analysis of offglide targets and statistical analysis of the effect of vowel duration. As predicted, we find price and prize share a continuous distribution in the Inland South, the region where the Southern Shift probably originated (Labov, Ash, & Boberg, 2006). We use Raleigh, North Carolina, outside the Inland South, as a comparison point; there, the same methodologies indicate price and prize are more discretely separated. Our results thus offer empirical support for the phonological theory that motivated the hypothesis.

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Hudik, Marek. "Two interpretations of the rational choice theory and the relevance of behavioral critique." Rationality and Society 31, no. 4 (August 13, 2019): 464–89. http://dx.doi.org/10.1177/1043463119869007.

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I compare two interpretations of the rational choice theory: decision-theoretic and price-theoretic. The former takes the assumption of utility maximization as a literal description of a decision procedure. The latter considers it as a modeling device used to explain changes/variability of behavior on an aggregate level. According to the price-theoretic interpretation, these changes/variability are explained by constraints (“prices”) rather than differences in intrinsic characteristics between human populations (“tastes”). While the decision-theoretic interpretation of rationality represents a possible foundation of the price-theoretic interpretation of rationality, I argue that it is not its only possible foundation. I then show that critiques raised by behavioral economics apply to the decision-theoretic interpretation and much less so to the price-theoretic one. From the perspective of the price theory, behavioral and rational choice models are predominantly complementary. Price-theoretic interpretation helps to explain why the rational choice theory continues to play an important role in economics, even after the behavioral revolution. JEL codes: D01, D03, B41, A10

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Li, Pei Ze. "Research on Stock Analysis Based on Stochastic Process." Advanced Materials Research 433-440 (January 2012): 5967–74. http://dx.doi.org/10.4028/www.scientific.net/amr.433-440.5967.

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In stock market, the stock prices directly reflects market condition, therefore, the research on stock price process is one of the research contents of mathematical finance. In this paper by using the election model of statistical physics model to study the stock price fluctuation . This paper first applying stochastic process theory to establish election model, then the election model and stopping time theory are applied to establish stock profit process, we get the stock price process.

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