ADD‐ON PRICING OVER REGIONAL BUSINESS CYCLES: EVIDENCE FROM EXTENDED WARRANTIES
利用加拿大全国零售商10年数据，研究发现延长保修价格随区域经济周期顺周期变动，而基础商品价格无周期，附加品放大了经济波动对通胀的影响。
Abstract Add ons are features or services that can enhance the functionality or quality of base goods. They are pervasive. Yet we know little about the behavior of add‐on prices over the business cycle. We use 10 years of data from a nationwide Canadian retailer to investigate the local cyclicality of extended warranty prices, a classic add on. We find base prices are acyclical. Warranty prices are procyclical because local stores use warranties to make demand for durable goods less price‐elastic. We show add ons amplify responses to national business cycles and study the implications for inflation rate bias.