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Price flexibility in British supermarkets
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Seaton, Jonathan S. and Waterson, Michael (2012) Price flexibility in British supermarkets. Working Paper. Coventry: Economics Department, University of Warwick. Warwick economics research paper series (TWERPS), Volume 2012 (Number 993). (Unpublished)
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Text (Working paper)
WRAP_Waterson_twerp_993.pdf - Other Download (845Kb) | Preview |
Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
This paper delivers a significantly different empirical perspective on micro pricing behaviour and its impact on macroeconomic processes than previous studies. We examine a seven year period of pricing behaviour by the major British supermarkets encompassing the recession year 2008 and the partial recovery of 2009. Several of our findings run strongly counter to established empirical
regularities, in particular the high overall frequency of regular or reference price changes we uncover, the greater intensity of change in more turbulent times and the numerical dominance of price falls over rises. The pricing behaviour revealed also significantly challenges the implicit assumption that prices are tracking cost changes.
Item Type: | Working or Discussion Paper (Working Paper) | ||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||
Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Supermarkets -- Great Britain, Prices -- Great Britain, Cost, Macroeconomics, Great Britain -- Economic conditions -- 21st century, Microeconomics | ||||
Series Name: | Warwick economics research paper series (TWERPS) | ||||
Publisher: | Economics Department, University of Warwick | ||||
Place of Publication: | Coventry | ||||
Official Date: | May 2012 | ||||
Dates: |
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Volume: | Volume 2012 | ||||
Number: | Number 993 | ||||
Number of Pages: | 24 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Funder: | Economic and Social Research Council (Great Britain) (ESRC) | ||||
Grant number: | RES-062-23-1962 |
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