Hysteresis, Price Acceptance, and Reference Prices
研究用实物期权理论和经济滞后解释杂货零售中的价格阈值，通过最大似然摩擦模型验证假设，发现价格阈值源于消费者对实物期权价值的共同认知。
Abstract The existence of price thresholds in grocery retailing is well‐documented. Most authors explain the existence of price thresholds using Assimilation‐Contrast Theory, Adaptation Level Theory, or Prospect Theory. However, each of these theories is untenable if consumers are believed to behave rationally. We offer a theoretical explanation grounded in Real Options Theory (ROT) and economic hysteresis. We test the ROT hypothesis against three plausible alternatives using a maximum likelihood friction model that we augment for unobserved heterogeneity. Our findings support the ROT hypothesis, and suggest that the existence of price thresholds in aggregate data are driven by a common recognition of real option values, which do not disappear with the inclusion of consumer heterogeneity.