Pricing‐to‐Market: Price Discrimination or Product Differentiation?
用垂直差异化模型证明，使用出口单位价值会错误地显示市场定价行为，即使一价定律成立，且偏差随产品差异化程度增大，提醒学者注意文献中的正结果可能是产品异质性的假象。
We employ a vertical differentiation model to examine the potential bias in pricing‐to‐market results when using export unit values aggregating differentiated products. Our results show that: (i) false evidence of pricing‐to‐market is always found when using unit values, whether the law of one price holds or not; and (ii) the size of the bias increases with the level of product differentiation. Our simulation results support those conceptual findings. Thus, some of the positive pricing‐to‐market results in the literature could be an artifact of the product heterogeneity embodied in unit values rather than evidence of imperfect competition.