International Pricing with Costly Consumer Arbitrage
نویسندگان
چکیده
Consumer arbitrage affects international pricing in several ways. If all consumers face the same arbitrage costs, a monopolist's profit increases with arbitrage costs, and world welfare declines with them (if output does not rise). If arbitrage costs differ across consumers, a monopolist may sell in a second country even if there is no local demand—it can use the second country to discriminate across consumers in the first country. Again, world welfare typically falls with arbitrage costs. When there is also local demand in the second country, world welfare may be increasing in arbitrage costs, even if output falls.
منابع مشابه
Two-Part Pricing with Costly Arbitrage
This paper considers the optimal two-part pricing strategy of a monopolist whose customers collude when they purchase the firm's product. In contrast to the sentiment in the existing price discrimination literature, I find that a monopolist's profit can actually increase when consumers share its good. When transaction costs for collusion are zero the firm can extract the full consumer surplus t...
متن کاملOn Arbitrage-free Pricing for General Data Queries
Data is a commodity. Recent research has considered the mathematical problem of setting prices for different queries over data. Ideal pricing functions need to be flexible – defined for arbitrary queries (select-project-join, aggregate, random sample, and noisy privacy-preserving queries). They should be fine-grained – a consumer should not be required to buy the entire database to get answers ...
متن کاملA New Approach to International Arbitrage Pricing
This paper uses a nonlinear arbitrage pricing model, a conditional linear model, and an unconditional linear model to price international equities, bonds, and forward currency contracts. Unlike linear models, the nonlinear arbitrage pricing model requires no restrictions on the payoff space, allowing it to price payoffs of options, forward contracts and other derivative securities. Only the non...
متن کاملPricing Digital Information Goods and Services on the Net
Many analysts argue that the Internet is producing a fundamental change in the way that business works. The network economy grows faster every day. Internet markets are developing rapidly with information being the single most traded commodity on the Internet. This paper looks at the extent to which conventional pricing theory applies to this type of good and whether it requires modifications i...
متن کاملاثرات متغیرهای کلان اقتصادی بر شاخص کل بورس اوراق بهادار تهران
هدف این مقاله تجزیه و تحلیل اثرات متغیرهای کلان اقتصادی بر شاخص کل بورس اوراق بهادار در چارچوب تئوری قیمت‌گذاری آربیتراژ است. این مطالعه، هشت متغیر کلان اقتصادی شامل شاخص قیمت مصرف‌کننده، نرخ بهره بانکی، قیمت طلا، شاخص تولیدات صنعتی، قیمت نفت، تلاطم قیمت سهام، نرخ ارز و عرضه پول را به عنوان متغیرهای اثرگذار بر شاخص کل قیمت بورس اوراق بهادار تهران، به عنوان شاخص اصلی بازار سهام ایران را بر اساس...
متن کامل