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Price theory is concerned with explaining economic activity in terms of the creation and transfer of value, which includes the trade of goods and services between difierent economic agents. A puzzling question addressed by price theory is, for example: why is water so cheap and diamonds
Working Paper Version. Last Revision: November 24, 2021. Key Words: Price Rigidity, Sticky Prices, Regular Prices, Sale Prices, Filtered Prices, Reference Prices, Transaction Prices, Price Cuts, Pricing Format, Every Day Low Price (EDLP), Hi-Lo, Hybrid. JEL Codes: E31.
Regular Prices and Sales Paul Heidhues ESMT and CEPR Botond K}oszegi University of California, Berkeley December 2011 Abstract We study the properties of a pro t-maximizing monopolist’s optimal price distribution when selling to a loss-averse consumer, where (following K}oszegi and Rabin (2006)) we assume that
This article describes how prices are treated in economic theory. Section 17.2 begins by introducing the concepts of ‘rational preference’ and ‘utility function’, which are standard building blocks of models that attempt to explain choice behaviour.
price theory--the analysis of why things cost what they do and of how prices function to coordinate economic activity. This book is organized into six sections.
European Journal of Economics and Economic Policies: Intervention. On the empirical regularities of Sraffa prices
We take “economics” to include the study of various social phenomena in economics and related fields, such as political science, finance, decision theory, game theory, and so forth.
