Magazine prices revisited
重新审视杂志行业的价格调整行为，指出Cecchetti（1986）的模型因时间依赖设定导致估计不一致，改用两种新方法得到一致估计，结果支持状态依赖定价模型，但对调整成本的证据较弱。
Abstract This paper examines price adjustment behaviour in the magazine industry. In a frequently cited study, Cecchetti ( 1986 ) constructs a reduced‐form ( S, s ) model for firms. Cecchetti assumes that a firm's pricing rules are fixed for non‐overlapping three‐year intervals and estimates the model using a conditional logit specification from Chamberlain ( 1980 ). The estimates are inconsistent, however, due to the duration‐dependent specification of the model. Two alternative specifications are used to obtain consistent estimation. The consistent estimates continue to provide strong evidence in favour of state‐dependent pricing models, but only weak evidence on the behaviour of price adjustment costs. Copyright © 2006 John Wiley & Sons, Ltd.