Choosing between Time and State Dependence: Micro Evidence on Firms' Price‐Reviewing Strategies
基于调查数据，研究企业为何采用时间依赖、状态依赖或两者结合的价格审查策略，发现企业特征、最优价格波动性和利润对非最优价格的敏感度是关键因素。
Abstract Because of recent findings based on survey data, it is now well known that firms differ from each other with respect to their price‐reviewing strategies. While some firms review their prices at fixed intervals of time, others prefer to perform price revisions in response to changes in economic conditions. Some theories have been suggested to explain this. However, empirical evidence on the relative importance of the factors that determine the different strategies of firms is virtually non‐existent. In this paper, we help to fill this gap by investigating the factors that explain why firms follow time‐dependent, state‐dependent, or both time‐ and state‐dependent price‐reviewing rules. We find that the strategies of firms vary with firm characteristics that have a bearing on the importance of information costs, with the variability of the optimal price, and with the sensitivity of profits to non‐optimal prices.