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Demand Uncertainty and Sales: A Study of Fashion and Markdown Pricin g

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  • Pashigian, B Peter
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    Abstract

    The theory of clearance sales is expanded and applied to explain why markups, markdowns, and the frequency of sales of merchandise sold by department stores have increased dramatically in recent years and why they differ across merchandise groups. Tha major theme of the paper is that the growing role of fashion and product variety is an important reason for these increases and for the differences between merchandise groups. The growing importance of fashion is illustrated by documenting the declining use of whites and the increasing use of colors and prints. Estimates of the effects of imports, and technological and demographic changes on markups and markdowns, are presented. Copyright 1988 by American Economic Association.

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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 78 (1988)
    Issue (Month): 5 (December)
    Pages: 936-53

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    Handle: RePEc:aea:aecrev:v:78:y:1988:i:5:p:936-53

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    Cited by:
    1. Courty, Pascal & Li, Hao, 1999. "Timing of Seasonal Sales," The Journal of Business, University of Chicago Press, vol. 72(4), pages 545-72, October.
    2. Mody, Ashoka & Yilmaz, Kamil & DEC, 1994. "Is there persistence in the growth of manufactured exports? Evidence from newly industrializing countries," Policy Research Working Paper Series 1276, The World Bank.
    3. Lünnemann, Patrick & Mathä, Thomas Y., 2005. "Consumer price behaviour in Luxembourg: evidence from micro CPI data," Working Paper Series 0541, European Central Bank.
    4. George Hall & Adam Copeland & Wendy Dunn, 2005. "Prices, Production, and Inventories Over the Automotive Model Year," 2005 Meeting Papers 346, Society for Economic Dynamics.
    5. Francesco Nava & Pasquale Schiraldi, 2013. "Sales and collusion in a market with storage," LSE Research Online Documents on Economics 54249, London School of Economics and Political Science, LSE Library.
    6. Nair, Anand & Closs, David J., 2006. "An examination of the impact of coordinating supply chain policies and price markdowns on short lifecycle product retail performance," International Journal of Production Economics, Elsevier, vol. 102(2), pages 379-392, August.
    7. Emi Nakamura & Jón Steinsson, 2008. "Five Facts about Prices: A Reevaluation of Menu Cost Models," The Quarterly Journal of Economics, MIT Press, vol. 123(4), pages 1415-1464, November.
    8. Timothy J. Richards, 2006. "Sales by multi-product retailers," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 27(4), pages 261-277.
    9. Rosato, Antonio, 2013. "Selling Substitute Goods to Loss-Averse Consumers: Limited Availability, Bargains and Rip-offs," MPRA Paper 47168, University Library of Munich, Germany.
    10. Robert J. Gordon, 2005. "Apparel Prices 1914-93 and the Hulten/Brueghel Paradox," NBER Working Papers 11548, National Bureau of Economic Research, Inc.
    11. Alex Gershkov & Benny Moldovanu, 2009. "Dynamic Revenue Maximization with Heterogeneous Objects: A Mechanism Design Approach," American Economic Journal: Microeconomics, American Economic Association, vol. 1(2), pages 168-98, August.
    12. Alan Kackmeister, 2005. "Yesterday's bad times are today's good old times: retail price changes in the 1890s were smaller, less frequent, and more permanent," Finance and Economics Discussion Series 2005-18, Board of Governors of the Federal Reserve System (U.S.).
    13. Aviv Nevo & Konstantinos Hatzitaskos, 2005. "Why Does the Average Price of Tuna Fall During Lent?," NBER Working Papers 11572, National Bureau of Economic Research, Inc.
    14. Kolias, Georgios D. & Dimelis, Sophia P. & Filios, Vasilios P., 2011. "An empirical analysis of inventory turnover behaviour in Greek retail sector: 2000-2005," International Journal of Production Economics, Elsevier, vol. 133(1), pages 143-153, September.
    15. Kosová, Renáta & Lafontaine, Francine, 2012. "Much ado about chains: A research agenda," International Journal of Industrial Organization, Elsevier, vol. 30(3), pages 303-308.

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