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Price Discrimination Through Barter: A Theory and Evidence from Russia

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Author Info
Sergei Guriev (New Economic School)
Dmitry Kvassov (Pennsylvania State University)

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Abstract

We build a model of imperfect competition where firms can sell for cash or in-kind payments. Barter is indivisible, and there is no double coincidence of wants. Despite these deficiencies, barter emerges in equilibrium as a means of price discrimination if market power is sufficiently concentrated. The model predicts negative correlation between number of sellers and share of barter in sales. We also show that barter disappears at certain level of concentration. Using survey data on Russian firms, we show that empirical evidence is consistent with predictions of the model. Sergei Guriev, Ph.D.

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Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 0397.

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Date of creation: 01 Aug 2000
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Handle: RePEc:ecm:wc2000:0397

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  1. Wendy Carlin & Steven Fries & Mark Schaffer & Paul Seabright, 2000. "Barter and Non-Monetary Transactions in Transition Economies: Evidence from a Cross-Country Survey," CERT Discussion Papers 0004, Centre for Economic Reform and Transformation, Heriot Watt University. [Downloadable!]
  2. Ellingsen, Tore & Stole, Lars A., 1996. "Mandated countertrade as a strategic commitment," Journal of International Economics, Elsevier, vol. 40(1-2), pages 67-84, February. [Downloadable!] (restricted)
  3. Stewart C. Myers & Raghuram G. Rajan, 1998. "The Paradox Of Liquidity," The Quarterly Journal of Economics, MIT Press, vol. 113(3), pages 733-771, August. [Downloadable!] (restricted)
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  4. Brana, S. & Maurel, M., 1999. "Barter in Russia : Liquidity Shortage Versus Lack of Restructuring," Papiers d'Economie Mathématique et Applications 1999.98, Université Panthéon-Sorbonne (Paris 1).
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  5. Abhijit V. Banerjee & Eric S. Maskin, 1996. "A Walrasian Theory of Money," Harvard Institute of Economic Research Working Papers 1753, Harvard - Institute of Economic Research.
  6. Ellingsen, Tore, 1998. "Payments in Kind," Working Paper Series in Economics and Finance 244, Stockholm School of Economics, revised 10 Feb 2000. [Downloadable!]
  7. Williamson, Steve & Wright, Randall, 1994. "Barter and Monetary Exchange under Private Information," American Economic Review, American Economic Association, vol. 84(1), pages 104-23, March. [Downloadable!] (restricted)
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  8. Daniel Kaufman & Dalia Marin, 1998. "Disorganization, financial squeeze, barter," William Davidson Institute Working Papers Series 165, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  9. Caves, Richard E & Marin, Dalia, 1992. "Countertrade Transactions: Theory and Evidence," Economic Journal, Royal Economic Society, vol. 102(414), pages 1171-83, September. [Downloadable!] (restricted)
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  10. Marin, Dalia & Schnitzer, Monika, 1995. "Tying Trade Flows: A Theory of Countertrade with Evidence," American Economic Review, American Economic Association, vol. 85(5), pages 1047-64, December. [Downloadable!] (restricted)
  11. Banerjee, Abhijit V & Maskin, Eric S, 1996. "A Walrasian Theory of Money and Barter," The Quarterly Journal of Economics, MIT Press, vol. 111(4), pages 955-1005, November. [Downloadable!] (restricted)
  12. Clifford Gaddy & Barry W. Ickes, 1998. "To Restructure or Not to Restructure: Informal Activities and Enterprise Behavior in Transition," William Davidson Institute Working Papers Series 134, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
  13. Andrews, Donald W K, 1993. "Tests for Parameter Instability and Structural Change with Unknown Change Point," Econometrica, Econometric Society, vol. 61(4), pages 821-56, July. [Downloadable!] (restricted)
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