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The Preference for Round Number Prices

Author

Listed:
  • 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.

Suggested Citation

  • Klumpp, Joni M. & Brorsen, B. Wade & Anderson, Kim B., 2005. "The Preference for Round Number Prices," 2005 Annual Meeting, February 5-9, 2005, Little Rock, Arkansas 35537, Southern Agricultural Economics Association.
  • Handle: RePEc:ags:saeafl:35537
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    File URL: http://purl.umn.edu/35537
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    References listed on IDEAS

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    1. Charles Kahn & George Pennacchi & Ben Sopranzetti, 1999. "Bank Deposit Rate Clustering: Theory and Empirical Evidence," Journal of Finance, American Finance Association, vol. 54(6), pages 2185-2214, December.
    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. 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.
    4. Andreas Fischer, 2004. "Price Clustering in the FX Market: A Disaggregate Analysis using Central Bank Interventions," Working Papers 04.04, Swiss National Bank, Study Center Gerzensee.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Rieko Ishii, 2014. "Bid Roundness Under Collusion in Japanese Procurement Auctions," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 44(3), pages 241-254, May.

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    Keywords

    Demand and Price Analysis;

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