Estimating Pricing Rigidities in Bilateral Transactions Markets
利用横截面价格矩的时间序列行为，通过微观价格决定模型估计双边交易市场中的定价刚性，并以挪威鲑鱼出口交易为例，发现价格修订频率高且价格指数信息丰富。
Many price indices are constructed using bilateral transaction prices. This paper shows how the time series behavior of cross‐sectional price moments can reveal useful information about pricing behavior in bilateral transactions markets. Inference is formalized in a microlevel price determination model that allows for rigid pricing at the level of individual buyer/seller transactions as well as asymmetries in bargaining power. The model is used to estimate pricing rigidities in Norwegian salmon export transactions. Results suggest a high rate of price revisions and an informative salmon price index. The moments suggest price revisions are conducted at fixed time intervals consistent with optimal price revisions under costly information and that price revisions are more likely when transaction prices are below the reference price in the market.