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Pricing Behavior Indicators and the Factors Affecting It: Evidence from Refah Stores’ Price Micro Data

Saedi, Masoumeh | 2019

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 53164 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Madanizadeh, Ali
  7. Abstract:
  8. Price stickiness which is measured by indicators like frequency and duration of price changes affects how monetary policy plays a role in economy. In fact, price stickiness determines how monetary policy affects economy’s real variables like output and unemployment. Hence, price stickiness is in favor of monetary policy since it provides the ability to improve real variables in the short term. Discovering the factors affecting price adjustment also allows the monetary policymaker to be able to predict changes in pricing behavior to some extent by monitoring the changes of these influential factors. This study seeks to answer several questions using 84 million monthly price observations of Refah chain stores: How frequently do prices change? Does the frequency of price changes respond to inflation? If yes, which inflation rate (inflation measured by CPI or PPI) and how (threshold or quadratic)? Do macroeconomic variables affect the frequency of price changes? Do macroeconomic variables also affect the relationship between the frequency of price changes and inflation? Calculations show that on average good prices do not last more than 3.63 months and have changed at least 48.06 percent of the months examined in a year. In order to discover the factors affecting price setting, the results show that the frequency and magnitude of price changes are positively correlated with the inflation rate. It is important to note that inflation is not the main factor explaining pricing behavior; But also the growth rate of liquidity, output and exchange rate also have significant positive effects on the frequency and magnitude of price changes.
  9. Keywords:
  10. Price Stickiness ; Price Setting Behavior ; Price Duration ; Price Variation ; Price Changes Frequency ; Price Changes Magnitude

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  • مقدمه
  • سؤال و ضرورت تحقیق
  • مرور ادبیات
  • داده
    • محدودیت‌های داده
    • پاکسازی داده
    • شاخص‌های رفتار قیمت‌گذاری
    • خلاصه آماری داده
  • روش تحقیق
    • فرضیه‌ها
    • تصریح مدل
      • الگوهای رگرسیونی
      • متغیرهای توضیحی مدل
      • آزمون مانایی متغیرها
  • نتایج
    • نتایج مربوط به فرکانس تغییرات قیمت به روش گگنون
    • نتایج مربوط به فرکانس تغییرات قیمت به روش ولفسبرگ
    • نتایج مربوط به اندازه‌ی تغییرات قیمت
    • آزمون‌های پایداری نتایج
  • جمع‌بندی
  • پیوست 1: مرور ادبیات تفصیلی
  • پیوست 2: نمودارها
...see more