The "Law of One Price" in 1901
AbstractPrice dispersion in 1901 is analyzed using a unique U.S. government survey yielding retail prices for four products at more than 1500 stores nationwide. Three of these products are still sold today, allowing comparisons based on modern survey data. Despite the introduction of significant search cost-reducing technology during the intervening century, dispersion appears to be lower in 1901. (JEL L11, D83) Copyright 2004, Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 42 (2004)
Issue (Month): 1 (January)
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- L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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