PRICE DYNAMICS WITH CUSTOMER MARKETS
利用美国零售商的微观数据，研究顾客流失如何响应价格变化，并分析企业在顾客可搜索替代供应商时的最优定价，发现生产率冲击的传导不完全且需求比价格更持久。
Abstract Using microdata from a U.S. retailer we document that customer turnover responds to pricing. We study the optimal price setting of a firm when its demand has an extensive margin that is elastic to price due to customers' opportunity to search for an alternative supplier. The price pass‐through of idiosyncratic productivity shocks is incomplete, with the most productive firms passing through more. Firm demand is more persistent than price. Higher demand is associated with lower markups due to higher search intensity, despite flexible prices. We find empirical support for these predictions in microdata from the retail industry.