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Price flexibility in British supermarkets : moderation and recession
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Dixon, Huw, Seaton, Jonathan S. and Waterson, Michael (2014) Price flexibility in British supermarkets : moderation and recession. Working Paper. Coventry, UK: Department of Economics, University of Warwick. Warwick economics research papers series (TWERPS), Volume 2014 (Number 1041). (Unpublished)
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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, largely resulting from the
fact that our weekly price data for the three major British supermarkets spans a seven year
period including the crisis years 2008-2010. We find that there is a large and significant
change in the behaviour of prices from 2008 onwards: prices change more frequently and the
average duration of price spells declines significantly. 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 H Social Sciences > HM Sociology J Political Science > JA Political science (General) |
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Divisions: | Faculty of Social Sciences > Economics | ||||
Library of Congress Subject Headings (LCSH): | Lottery winners , Political sociology, Voting | ||||
Series Name: | Warwick economics research papers series (TWERPS) | ||||
Publisher: | Department of Economics, University of Warwick | ||||
Place of Publication: | Coventry, UK | ||||
Official Date: | February 2014 | ||||
Dates: |
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Volume: | Volume 2014 | ||||
Number: | Number 1041 | ||||
Number of Pages: | 68 | ||||
Institution: | University of Warwick | ||||
Status: | Not Peer Reviewed | ||||
Publication Status: | Unpublished | ||||
Access rights to Published version: | Open Access (Creative Commons) | ||||
Date of first compliant deposit: | 28 July 2016 | ||||
Date of first compliant Open Access: | 28 July 2016 |
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