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A sociological view of costs of price adjustment: contributions from grounded theory methods

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  • Mark J. Zbaracki

    (The Stern School of Business, New York University, New York, NY, USA)

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    Abstract

    Economic theory and data sometimes pose problems that cannot be addressed with existing econometric methods. For example, theories of price adjustment costs rely on variables that cannot or have not been observed. In principle, such costs can be measured, but there is little reason to expect they can be measured with existing econometric methods. I argue that the grounded theory methods developed by sociologists can be used to demonstrate the validity of price adjustment costs and to address deeper questions about how firms adjust prices. Properly matched to economic problems, grounded theory may help economists to develop better theory and better test existing theory. Copyright © 2007 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/mde.1330
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    Bibliographic Info

    Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

    Volume (Year): 28 (2007)
    Issue (Month): 6 ()
    Pages: 553-567

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    Handle: RePEc:wly:mgtdec:v:28:y:2007:i:6:p:553-567

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    Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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    1. 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).
    2. Bergen, Mark & Levy, Daniel & Ray, Sourav & Rubin, Paul & Zeliger, Ben, 2006. "When Little Things Mean a Lot: On the Inefficiency of Item Pricing Laws," MPRA Paper 1158, University Library of Munich, Germany.
    3. J. Konieczny, F. Rumler, 2006. "Regular Adjustment - Theory and Evidenc," Working Papers eg0055, Wilfrid Laurier University, Department of Economics, revised 2006.
    4. Dutta, Shantanu, et al, 1999. "Menu Costs, Posted Prices, and Multiproduct Retailers," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(4), pages 683-703, November.
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