The functions of known to be inaccurate prices in markets: A cross-country comparison of pharmaceutical list pricing
通过比较四个国家的专业药品市场，发现标价与实际价格关系不一致且不系统，但买家仍将其用作支付意愿指标和成功市场结果的象征，揭示了实际价格不透明市场的价格形成是线性且非递归的。
Economic theory assumes accurate price information to be readily available in markets. In real markets, however, actual price information can be private and confidential, forcing buyers to rely on official list prices despite their known inaccuracy in representing actual prices. Little is known about the workings of such markets. In a comparative study of four national markets for specialist pharmaceuticals, we find differences in how list prices are set, used, and communicated. Based on this, we conclude that list prices are indexical entities whose relation to actual prices varies consistently yet unsystematically across markets, making them poor proxies for actual prices. Despite this, buyers use list prices as indicators of willingness to pay and to generate images of successful market outcomes. Finally, we conclude that price formation in markets where actual prices remain opaque is linear and non-recursive, giving such markets a relational character irrespective of the goods being exchanged.