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Behavior of Retail Prices: A Note on Market Integration in the U.S

Author

Listed:
  • Frederic L. Pryor

    (Swarthmore College)

Abstract

This essay tests a dynamic version of the law-of-one-price for U.S. retail markets. The sample consists of retail price differences for a 43-year period over five U.S. cities for various commodity groups. Since relative transportation costs are declining, the law-of-one-price predicts that the retail prices for each of the product groups in the five cities should converge. Some reasonable alternative hypotheses, however, predict that prices should diverge. The statistical analysis shows that the various factors under consideration are roughly offsetting so that no marked trends in price variation over space are observable.

Suggested Citation

  • Frederic L. Pryor, 1995. "Behavior of Retail Prices: A Note on Market Integration in the U.S," Eastern Economic Journal, Eastern Economic Association, vol. 21(1), pages 83-95, Winter.
    • Handle: RePEc:eej:eeconj:v:21:y:1995:i:1:p:83-95
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume21/V21N1P83_95.pdf
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    More about this item

    Keywords

    Retail;

    JEL classification:

    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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