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Displaying results 1 to 12 of 12.

  1. Not all price endings are created equal
    price points and asymmetric price rigidity
    Author: Levy, Daniel C.; Snir, Avichai; Gotler, Alex; Chen, Haipeng
    Published: 01/2019
    Publisher:  [Bar Ilan University, Department of Economics], [Ramat-Gan, Israel]

    We document an asymmetry in the rigidity of 9-ending prices relative to non-9-ending prices. Consumers have difficulty noticing higher prices if they are 9-ending, or noticing price-increases if the new prices are 9-ending, because 9-endings are used... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 205 (2019,1)
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    We document an asymmetry in the rigidity of 9-ending prices relative to non-9-ending prices. Consumers have difficulty noticing higher prices if they are 9-ending, or noticing price-increases if the new prices are 9-ending, because 9-endings are used as a signal for low prices. Price setters respond strategically to the consumer-heuristic by setting 9-ending prices more often after price-increases than after price-decreases. 9-ending prices, therefore, remain 9-ending more often after price-increases than after price-decreases, leading to asymmetric rigidity: 9-ending prices are more rigid upward than downward. These findings hold for both transaction-prices and regular-prices, and for both inflation and no-inflation periods.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/202536
    Edition: Last revision: January 3, 2019
    Series: [Working papers] / [Bar-Ilan University, Department of Economics] ; 2019, 01
    Scope: 1 Online-Ressource (circa 231 Seiten), Illustrationen
  2. End of 9-endings and price perceptions
    Author: Chen, Haipeng; Levy, Daniel C.; Snir, Avichai
    Published: 2017
    Publisher:  ZBW, [Kiel

    We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli parliament has passed a law prohibiting the use of non 0-ending prices. We find that one... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli parliament has passed a law prohibiting the use of non 0-ending prices. We find that one year after 9-ending prices have disappeared, 90-ending prices acquired the same status as 9-ending prices had before the law was passed. 90-ending prices became the new psychological price points. The retailers and the shoppers both reacted to the regulatory intervention optimally, which has eliminated the regulation's intended effect.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/149558
    Edition: January 20, 2017
    Scope: 1 Online-Ressource (circa 14 Seiten), Illustrationen
  3. End of 9-endings, price recall, and price perceptions
    Author: Snir, Avichai; Levy, Daniel C.; Chen, Haipeng
    Published: 2017
    Publisher:  ZBW, [Kiel

    Prices that end with 9, also known as psychological price points, are common, comprising about 70% of the retail prices. They are also more rigid than other prices. We take advantage of a natural experiment to document an emergence of a new price... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DSM
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    Prices that end with 9, also known as psychological price points, are common, comprising about 70% of the retail prices. They are also more rigid than other prices. We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli government passed a new regulation prohibiting the use of non 0-ending prices, bringing an end to 9-ending prices. We find that seven months after 9-ending prices have disappeared, 90-ending prices acquired the same status as 9-ending prices had before the new regulation was adopted. Thus, 90-ending prices became the new psychological price points, partially eliminating the regulation's intended effect.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/156685
    Parent title: Sonderdruck aus: Economics Letters; (2017) Vol. Forthcoming
    Edition: Last revision: April 2, 2017
    Scope: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  4. End of 9-endings and price perceptions
    Author: Chen, Haipeng; Levy, Daniel C.; Snir, Avichai
    Published: January 20, 2017
    Publisher:  [Bar Ilan University, Department of Economics], [Ramat-Gan, Israel]

    We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli parliament has passed a law prohibiting the use of non 0-ending prices. We find that one... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 205 (2017,2)
    Inter-library loan:
    No inter-library loan

     

    We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli parliament has passed a law prohibiting the use of non 0-ending prices. We find that one year after 9-ending prices have disappeared, 90-ending prices acquired the same status as 9-ending prices had before the law was passed. 90-ending prices became the new psychological price points. The retailers and the shoppers both reacted to the regulatory intervention optimally, which has eliminated the regulation's intended effect.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/173746
    Series: [Working papers] / [Bar-Ilan University, Department of Economics] ; 2017, 02
    Scope: 1 Online-Ressource (circa 13 Seiten), Illustrationen
  5. Zero-ending prices, cognitive convenience, and price rigidity
    Author: Snir, Avichai; Chen, Haipeng; Levy, Daniel C.
    Published: [2022]
    Publisher:  Rimini Centre for Economic Analysis, [Waterloo, Ontario]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 714
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: Last Revision: October 2, 2022
    Series: Working paper series / Rimini Centre for Economic Analysis ; wp 22, 12
    Subjects: Cognitive Convenience; Transaction Convenience; Price Rigidity; PriceStickiness; Sticky Prices; Rigid Prices; 0-Ending Prices; Round Prices; Convenient Prices; 9-Ending Prices; Just Below Prices; Psychological Prices; Price Points
    Scope: 1 Online-Ressource (circa 90 Seiten, Illustrationen
  6. Zero-ending prices, cognitive convenience, and price rigidity
    Author: Snir, Avichai; Chen, Haipeng; Levy, Daniel C.
    Published: [2022]
    Publisher:  Bar Ilan University, Department of Economics, Ramat-Gan, Israel

    We assess the role of cognitive convenience in the popularity and rigidity of 0-ending prices in convenience settings. Studies show that 0-ending prices are common at convenience stores because of the transaction convenience that 0-ending prices... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 205
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    We assess the role of cognitive convenience in the popularity and rigidity of 0-ending prices in convenience settings. Studies show that 0-ending prices are common at convenience stores because of the transaction convenience that 0-ending prices offer. Using a large store-level retail CPI data, we find that 0-ending prices are popular and rigid at convenience stores even when they offer little transaction convenience. We corroborate these findings with two large retail scanner price datasets from Dominick's and Nielsen. In the Dominick's data, we find that there are more 0-endings in the prices of the items in the front-end candies category than in any other category, even though these prices have no effect on the convenience of the consumers' check-out transaction. In addition, in both Dominick's and Nielsen's datasets, we find that 0-ending prices have a positive effect on demand. Ruling out consumer antagonism and retailers' use of heuristics in pricing, we conclude that 0-ending prices are popular and rigid, and that they increase demand at convenience settings, not only for their transaction convenience, but also for the cognitive convenience they offer.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/272977
    Edition: Last revision: October 2, 2022
    Series: [Working papers] / Bar-Ilan University, Department of Economics ; 2022, 07
    Subjects: Cognitive Convenience; Transaction Convenience; Price Rigidity; Price Stickiness; Sticky Prices; Rigid Prices; 0-Ending Prices; Round Prices; Convenient Prices; 9-Ending Prices; Just Below Prices; Psychological Prices; Price Points
    Scope: 1 Online-Ressource (circa 89 Seiten), Illustrationen
  7. End of 9-endings, price recall, and price perceptions
    Author: Snir, Avichai; Levy, Daniel C.; Chen, Haipeng
    Published: April 2, 2017
    Publisher:  [Emory College of Arts and Sciences, Department of Economics], [Atlanta, Georgia, USA]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Language: English
    Media type: Book
    Format: Online
    Edition: Last revision: April 2, 2017
    Series: [Working paper series / Emory College of Arts and Sciences, Department of Economics ; 17, 01]
    Subjects: 9-ending prices; psychological price points; price recall; price perception; sticky prices;rigid prices; price rigidity; price flexibility; price stickiness; level effect; left-digit effect;image effect; right-digit effect; integer constraint; price control; price regulation
    Scope: 1 Online-Ressource (circa 15 Seiten), Illustrationen
  8. Stuck at zero
    price rigidity in a runaway inflation
    Author: Snir, Avichai; Chen, Haipeng; Levy, Daniel C.
    Published: [2021]
    Publisher:  Rimini Centre for Economic Analysis, [Waterloo, Ontario]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 714
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    Media type: Book
    Format: Online
    Series: Working paper series / Rimini Centre for Economic Analysis ; wp 21, 10
    Subjects: Sticky Prices; Rigid Prices; 0-Ending Price Points; 9-Ending Price points; Runaway Inflation; Hyperinflation; Cost of Price Adjustment; Menu Cost
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  9. Stuck at zero: price rigidity in a runaway inflation
    Author: Snir, Avichai; Chen, Haipeng; Levy, Daniel C.
    Published: [2021]
    Publisher:  [Bar Ilan University, Department of Economics], [Ramat-Gan, Israel]

    We use micro level retail price data from convenience stores to study the link between 0-ending price points and price rigidity during a period of a runaway inflation, when the annual inflation rate was in the range of 60%-430%. Surprisingly, we find... more

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    We use micro level retail price data from convenience stores to study the link between 0-ending price points and price rigidity during a period of a runaway inflation, when the annual inflation rate was in the range of 60%-430%. Surprisingly, we find that 0-ending prices are less likely to adjust, and when they do adjust, the average adjustments are larger. These findings suggest that price adjustment barriers associated with round prices are strong enough to cause a systematic delay in price adjustments even in a period of a runaway inflation, when 85 percent of the prices change every month.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/249198
    Series: [Working papers] / [Bar-Ilan University, Department of Economics] ; 2021, 01
    Subjects: Sticky Prices; Rigid Prices; 0-Ending Price Points; 9-Ending Price points; Runaway Inflation; Cost of Price Adjustment; Menu Cost; Invisible Handshake; Implicit Contract; Customer Market; Long-Term Relationship; Cost of Breaching a Contract; Cost of Breaking a Contract; Coca-Cola; New Coke; Exit; Voice; Loyalty; Nickel Coke; Sticky/Rigid Prices; Cost of Price Adjustment; Cost of Quality Adjustment
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  10. Price gouging or market forces?
    fairness perceptions of price hikes in the pandemic
    Author: Snir, Avichai; Levy, Daniel C.; Levy, Dudi; Chen, Haipeng
    Published: [2024]
    Publisher:  [Bar Ilan University, Department of Economics], [Ramat-Gan, Israel]

    We report the results of surveys we conducted in the US and Israel in 2020, a time when many prices increased following the spread of the COVID-19 pandemic. To assess respondents' perceptions of price increases, we focus on goods whose prices have... more

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    We report the results of surveys we conducted in the US and Israel in 2020, a time when many prices increased following the spread of the COVID-19 pandemic. To assess respondents' perceptions of price increases, we focus on goods whose prices have increased during the pandemic, including some essential goods. Consistent with the principle of dual entitlement, we find that respondents perceive price increases as more acceptable if they are due to cost shocks than if they are due to demand shocks. However, we also find large differences across the two populations, as well as across goods.

     
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    Language: English
    Media type: Book
    Format: Online
    Series: [Working papers] / [Bar-Ilan University, Department of Economics] ; 2024, 03
    Subjects: Fairness Perceptions; Price Increases; The Pandemic; Dual Entitlement; Consumer Antagonism
    Scope: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  11. Price gouging or market forces?
    fairness perceptions of price hikes in the pandemic
    Author: Snir, Avichai; Levy, Daniel C.; Levy, Dudi; Chen, Haipeng
    Published: [2024]
    Publisher:  Rimini Centre for Economic Analysis, [Waterloo, Ontario]

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    Verlag (kostenfrei)
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    VS 714
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper series / Rimini Centre for Economic Analysis ; wp 24, 03
    Subjects: Fairness Perceptions; Price Increases; The Pandemic; Dual Entitlement; Consumer Antagonism
    Scope: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  12. Large effects of small cues
    priming selfish economic decisions
    Author: Snir, Avichai; Levy, Dudi; Wang, Dian; Chen, Haipeng; Levy, Daniel C.
    Published: [2024]
    Publisher:  [Bar Ilan University, Department of Economics], [Ramat-Gan, Israel]

    Many experimental studies report that economics students tend to act more selfishly than students of other disciplines, a finding that received widespread public and professional attention. Two main explanations that the existing literature offers... more

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    Many experimental studies report that economics students tend to act more selfishly than students of other disciplines, a finding that received widespread public and professional attention. Two main explanations that the existing literature offers for the differences found in the behavior between economists and non-economists are: (i) the selection effect, and (ii) the indoctrination effect. We offer an alternative, novel explanation: we argue that these differences can be explained by differences in the interpretation of the context. We test this hypothesis by conducting two social dilemma experiments in the US and Israel with participants from both economics and non-economics majors. In the experiments, participants face a tradeoff between profit maximization (market norm) and workers' welfare (social norm). We use priming to manipulate the cues that the participants receive before they make their decision. We find that when participants receive cues signaling that the decision has an economic context, both economics and non-economics students tend to maximize profits. When the participants receive cues emphasizing social norms, on the other hand, both economics and non-economics students are less likely to maximize profits. We conclude that some of the differences found between the decisions of economics and non-economics students can be explained by contextual cues.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: Revised: April 21, 2024
    Series: [Working papers] / [Bar-Ilan University, Department of Economics] ; 2024, 05
    Subjects: Selection; Indoctrination; Self-Interest; Market Norms; Social Norms; Economic Man; Rational Choice; Fairness; Experimental Economics; Laboratory Experiments; Priming; Economists vs. Non-Economists
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen