Construction price formation: full‐cost pricing or neoclassical microeconomic theory?

price theory

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Pharmaceuticals: Reference Pricing or Price Cap Regulation?

We study the relationship between regulatory regimes and pharmaceutical firms’ pricing strategies using a unique policy experiment from Norway, which in 2003 introduced a reference price (RP) system called “index pricing” for a sub-sample of off-patent pharmaceuticals, replacing the existing price cap (PC) regulation. We estimate the effect of the reform using a product level panel dataset, cov...

The Social (Re)construction of Price and Pricing: Organizational Perspectives

This paper describes an ethnographic field study of the pricing process in a manufacturing firm selling products to its distributors. In the study, we address the social construction processes by which organizational members make meaning of prices and pricing. Following the logic of the social construction of reality, we treat price and pricing as a “sector of reality,” a specific part of every...

Price Rigidity: Microeconomic Evidence and Macroeconomic Implications

We review recent evidence on price rigidity from themacroeconomics literature and discuss how this evidence is used to inform macroeconomic modeling. Sluggish price adjustment is a leading explanation for the large effects of demand shocks on output and, in particular, the effects of monetary policy on output. A recent influx of data on individual prices has greatly deepenedmacroeconomists’ und...

Lecture Notes1 Microeconomic Theory