Price dispersion under costly capacity and demand uncertainty:
This paper tests the empirical importance of the price dispersion predictions of the Prescott-Eden-Dana (PED) models. Equilibrium price dispersion is derived in a setting with costly capacity and demand uncertainty where different fares can be explained by the different selling probabilities. The PE...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13075 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper tests the empirical importance of the price dispersion predictions of the Prescott-Eden-Dana (PED) models. Equilibrium price dispersion is derived in a setting with costly capacity and demand uncertainty where different fares can be explained by the different selling probabilities. The PED models predict that a lower selling probability leads to a higher price. Moreover, this effect is larger in more competitive markets. Despite its applications to several important market phenomena, there exists little empirical evidence supporting the PED models, mostly because of the difficulty of coming up with an appropriate measure of the selling probabilities. Using a unique panel of U.S. airline fares and seat inventories, we find evidence that strongly supports both predictions of the models. After controlling for the effect of aggregate demand uncertainty on fares, we also obtain evidence of second degree price discrimination in the form of advance-purchase discounts. |
| Beschreibung: | 39 S. graph. Darst. 22 cm |
Internformat
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| 520 | 8 | |a This paper tests the empirical importance of the price dispersion predictions of the Prescott-Eden-Dana (PED) models. Equilibrium price dispersion is derived in a setting with costly capacity and demand uncertainty where different fares can be explained by the different selling probabilities. The PED models predict that a lower selling probability leads to a higher price. Moreover, this effect is larger in more competitive markets. Despite its applications to several important market phenomena, there exists little empirical evidence supporting the PED models, mostly because of the difficulty of coming up with an appropriate measure of the selling probabilities. Using a unique panel of U.S. airline fares and seat inventories, we find evidence that strongly supports both predictions of the models. After controlling for the effect of aggregate demand uncertainty on fares, we also obtain evidence of second degree price discrimination in the form of advance-purchase discounts. | |
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Datensatz im Suchindex
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| id | DE-604.BV023592987 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
| institution | BVB |
| language | English |
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| physical | 39 S. graph. Darst. 22 cm |
| publishDate | 2007 |
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| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Escobari, Diego Verfasser (DE-588)133357163 aut Price dispersion under costly capacity and demand uncertainty Diego Escobari ; Li Gan Cambridge, Mass. National Bureau of Economic Research 2007 39 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13075 This paper tests the empirical importance of the price dispersion predictions of the Prescott-Eden-Dana (PED) models. Equilibrium price dispersion is derived in a setting with costly capacity and demand uncertainty where different fares can be explained by the different selling probabilities. The PED models predict that a lower selling probability leads to a higher price. Moreover, this effect is larger in more competitive markets. Despite its applications to several important market phenomena, there exists little empirical evidence supporting the PED models, mostly because of the difficulty of coming up with an appropriate measure of the selling probabilities. Using a unique panel of U.S. airline fares and seat inventories, we find evidence that strongly supports both predictions of the models. After controlling for the effect of aggregate demand uncertainty on fares, we also obtain evidence of second degree price discrimination in the form of advance-purchase discounts. Gan, Li Verfasser (DE-588)128970022 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13075 (DE-604)BV002801238 13075 http://papers.nber.org/papers/w13075.pdf kostenfrei Volltext |
| spellingShingle | Escobari, Diego Gan, Li Price dispersion under costly capacity and demand uncertainty |
| title | Price dispersion under costly capacity and demand uncertainty |
| title_auth | Price dispersion under costly capacity and demand uncertainty |
| title_exact_search | Price dispersion under costly capacity and demand uncertainty |
| title_exact_search_txtP | Price dispersion under costly capacity and demand uncertainty |
| title_full | Price dispersion under costly capacity and demand uncertainty Diego Escobari ; Li Gan |
| title_fullStr | Price dispersion under costly capacity and demand uncertainty Diego Escobari ; Li Gan |
| title_full_unstemmed | Price dispersion under costly capacity and demand uncertainty Diego Escobari ; Li Gan |
| title_short | Price dispersion under costly capacity and demand uncertainty |
| title_sort | price dispersion under costly capacity and demand uncertainty |
| url | http://papers.nber.org/papers/w13075.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT escobaridiego pricedispersionundercostlycapacityanddemanduncertainty AT ganli pricedispersionundercostlycapacityanddemanduncertainty |