Demand Uncertainty and Sales: A Study of Fashion and Markdown Pricing
扩展了清仓销售理论，解释为何百货商店的加价、降价和促销频率近年显著增加，并指出时尚与产品多样性的日益重要是主要原因。
The theory of clearance sales is expanded and applied to explain why markups, markdowns, and the frequency of sales of merchandise sold by department stores have increased dramatically in recent years and why they differ across merchandise groups. Tha major theme of the paper is that the growing role of fashion and product variety is an important reason for these increases and for the differences between merchandise groups. The growing importance of fashion is illustrated by documenting the declining use of whites and the increasing use of colors and prints. Estimates of the effects of imports, and technological and demographic changes on markups and markdowns, are presented. Copyright 1988 by American Economic Association.