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Staggered and Synchronized Price Policies under Inflation: The Multiproduct Monopoly Case

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Author Info
Sheshinski, Eytan
Weiss, Yoram

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Abstract

This paper analyzes the optimum pricing policies of a multiproduct monopoly in the presence of inflation and fixed costs of nominal price changes. The authors examine the conditions which lead to staggered or synchronized pricing policies when the timing of price changes is endogenous. Two aspects of the decision problem are emphasized: the interaction in the joint profit function between the prices of the various goods and the interactions in the costs of price adjustment. The authors show that with positive interactions in the profit function and costs of price adjustments that are independent across products, staggering is unlikely. Copyright 1992 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 59 (1992)
Issue (Month): 2 (April)
Pages: 331-59
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Handle: RePEc:bla:restud:v:59:y:1992:i:2:p:331-59

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  1. Mark Zbarack & Mark Bergen & Shantanu Dutta & Daniel Levy & Mark Ritson, 2005. "Beyond the Cost of Price Adjustment: Investments in Pricing Capita," Emory Economics 0518, Department of Economics, Emory University (Atlanta). [Downloadable!]
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  2. Daniel Levy & Shantanu Dutta & Mark Bergen & Robert Venable, 2005. "Price Adjustment at Multiproduct Retailers," Industrial Organization 0505005, EconWPA. [Downloadable!]
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  3. Emmanuel Dhyne & Jerzy Konieczny, 2007. "Temporal Distribution of Price Changes : Staggering in the Large and Synchronization in the Small," Research series 200706-02, National Bank of Belgium. [Downloadable!]
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  4. Loy, Jens-Peter & Weiss, Christoph R., 2002. "Staggering And Synchronization Of Prices In A Low Inflation Environment: Evidence From German Food Stores," 2002 Annual meeting, July 28-31, Long Beach, CA 19882, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  5. Loy, J.P. & Weiss, C.R., 2002. "Staggering and Synchronisation of Prices in a Low Inflation Environment: Evidence from German Food Stores," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24823, European Association of Agricultural Economists. [Downloadable!]
  6. Gautier, E., 2008. "Les ajustements microéconomiques des prix : une synthèse des modèles théoriques et résultats empiriques," Documents de Travail 211, Banque de France. [Downloadable!]
  7. Mark J. Zbaracki & Mark Bergen & Daniel Levy, 2006. "The Anatomy of a Price Cut: Discovering Organizational Sources of the Costs of Price Adjustment," Emory Economics 0610, Department of Economics, Emory University (Atlanta). [Downloadable!]
  8. Saul Lach & Daniel Tsiddon, 1994. "Staggering and Synchronization in Price-Setting: Evidence from Multipro-duct Firms," NBER Working Papers 4759, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Alexander L. Wolman, 2007. "The frequency and costs of individual price adjustment," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(6), pages 531-552. [Downloadable!]
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  10. Boyan Jovanovic & Dmitriy Stolyarov, 1997. "Learning, Complementarities, and Asynchronous Use of Technology," NBER Working Papers 5870, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Mark Zbaracki & Mark Ritson & Daniel Levy & Shantanu Dutta & Mark Bergen, 2004. "Managerial and Customer Costs of Price Adjustment: Direct Evidence from Industrial Markets," Macroeconomics 0402020, EconWPA. [Downloadable!]
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  12. Carlos Borondo, 1994. "La rigidez nominal de los precios de la Nueva Economía Keynesiana: una panorámica," Investigaciones Economicas, Fundación SEPI, vol. 18(2), pages 245-288, May. [Downloadable!]
  13. Mariano Tommasi, 1992. "Inflation and Relative Prices Evidence from Argentina," UCLA Economics Working Papers 661, UCLA Department of Economics. [Downloadable!]
  14. Rajesh Chakrabarti & Barry Scholnick, 2007. "The mechanics of price adjustment: new evidence on the (un)importance of menu costs," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(7), pages 657-668. [Downloadable!]
  15. Saul Lach & Daniel Tsiddon, 2007. "Small price changes and menu costs," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(7), pages 649-656. [Downloadable!]
  16. Jovanovic, Boyan & Stolyarov, Dmitriy, 1997. "Optimal Adoption of Complementary Technologies," Working Papers 97-27, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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