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The Preference for Round Number Prices

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  • Klumpp, Joni M.
  • Brorsen, B. Wade
  • Anderson, Kim B.

Abstract

This study determines if a preference for round prices exists in the wheat market and how wheat sales react to price movements around whole dollar amounts. The results show round prices are slightly more prevalent than non-round prices and that transactions increase when price moves above a whole dollar amount.

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File URL: http://purl.umn.edu/35537
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Bibliographic Info

Paper provided by Southern Agricultural Economics Association in its series 2005 Annual Meeting, February 5-9, 2005, Little Rock, Arkansas with number 35537.

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Date of creation: 2005
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Handle: RePEc:ags:saeafl:35537

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Keywords: Demand and Price Analysis;

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  1. Fischer, Andreas M, 2004. "Price Clustering in the FX Market: A Disaggregate Analysis Using Central Bank Intervention," CEPR Discussion Papers 4529, C.E.P.R. Discussion Papers.
  2. Carol L. Osler, 2003. "Currency Orders and Exchange Rate Dynamics: An Explanation for the Predictive Success of Technical Analysis," Journal of Finance, American Finance Association, vol. 58(5), pages 1791-1820, October.
  3. Charles Kahn & George Pennacchi & Ben Sopranzetti, 1996. "Bank deposit rate clustering: theory and empirical evidence," Working Paper 9604, Federal Reserve Bank of Cleveland.
  4. Brorsen, B. Wade & Anderson, Kim B., 2001. "Implications of Behavioral Finance for Farmer Marketing Strategy Recommendation," 2001 Conference, April 23-24, 2001, St. Louis, Missouri 18952, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
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