Paralyzed by Fear: Rigid and Discrete Pricing Under Demand Uncertainty.
We propose a new theory of price rigidity based on firms' Knightian uncertainty about their competitive environment. This uncertainty has two key implications. First, firms learn about the shape of their demand function from past observations of quantities sold. This learning gives rise to kinks in...
| Publicado en: | Econometrica Vol. 88; no. 5; pp. 1899 - 1939 |
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| Autores principales: | , , |
| Formato: | Artículo |
| Publicado: |
Wiley-Blackwell
Sep2020
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |