Price Response, Asymmetric Information and Competition
结合耶路撒冷户外零售市场的理论模型与实证分析，发现无相邻竞争的厂商存在双向价格刚性，源于消费者与厂商间的信息不对称，补充了以往仅关注下行价格刚性的研究。
We compare predictions from a theoretical model based on the structure of the main outdoor retail market in Jerusalem with the results of an empirical analysis of price response to changes in cost. We find that firms without adjacent competition exhibit both upward and downward price rigidity, an outcome we ascribe to asymmetric information between the consumer and the firm. Given that previous studies have focused on downward price rigidities of firms with market power, our findings highlight the importance of accounting for transitory information asymmetries between the consumer and the firm when studying price rigidity.