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  • 1
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    Ramat-Gan: Bar-Ilan University, Department of Economics
    Publication Date: 2018-07-03
    Description: Recent studies in psychology and neuroscience find that fictional works exert strong influence on readers and shape their opinions and worldviews. We study the Potterian economy, which we compare to economic models, to assess how Harry Potter books affect economic literacy. We find that some principles of Potterian economics are consistent with economists' models. Many others, however, are distorted and contain numerous inaccuracies, which contradict professional economists' views and insights, and contribute to the general public's biases, ignorance, and lack of understanding of economics.
    Keywords: A13 ; A14 ; D72 ; D73 ; H00 ; H11 ; I20 ; P16 ; P48 ; P51 ; Z11 ; Z13 ; ddc:330 ; Economic and Financial Literacy ; Political Economy ; Public Choice ; Rent Seeking ; Folk Economics ; Harry Potter ; Social Organization of Economic Activity ; Literature ; Fiction ; Potterian Economy ; Potterian Economics ; Popular Opinion
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Ramat-Gan: Bar-Ilan University, Department of Economics
    Publication Date: 2018-07-03
    Description: We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli parliament has passed a law prohibiting the use of non 0-ending prices. We find that one year after 9-ending prices have disappeared, 90-ending prices acquired the same status as 9-ending prices had before the law was passed. 90-ending prices became the new psychological price points. The retailers and the shoppers both reacted to the regulatory intervention optimally, which has eliminated the regulation's intended effect.
    Keywords: E31 ; L16 ; K20 ; ddc:330 ; 9-ending prices ; psychological price points ; sticky prices ; rigid prices ; price recall ; price control ; price regulation ; integer constraint
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Ramat-Gan: Bar-Ilan University, Department of Economics
    Publication Date: 2018-07-03
    Description: Herding is often considered as a phenomenon that drives prices of risky assets away from their equilibrium levels. In this paper we study the on-course UK and Australian horse betting markets. These are simple examples of imperfect markets for state-contingent assets. We provide strong evidence of herding behavior and show that the effects of herding are occasionally sufficient to render the markets inefficient even in the weak sense. Furthermore, the results demonstrate that traders with inside information are not always able to arbitrage away the effects of herding.
    Keywords: ddc:330 ; Glücksspiel ; Herdenverhalten ; Asymmetrische Information ; Pferdesport ; Großbritannien ; Australien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Ramat-Gan: Bar-Ilan University, Department of Economics
    Publication Date: 2018-07-03
    Description: If producers have more information than consumers about goods' attributes, then they may use non-price (rather than price) adjustment mechanisms and, consequently, the market may reach a new equilibrium even if prices remain sticky. We study a situation where producers adjust the quantity (per package) rather than the price in response to changes in market conditions. Although consumers should be indifferent between equivalent changes in goods' prices and quantities, empirical evidence suggests that consumers often respond differently to price changes and equivalent quantity changes. We offer a possible explanation for this puzzle by constructing and empirically testing a model in which consumers incur cognitive costs when processing goods' price and quantity information. The model is based on evidence from cognitive psychology and explains consumers' decision whether or not to process goods' price and quantity information. Our findings explain why producers sometimes adjust goods' prices and sometimes goods' quantities. In addition, they predict variability in price adjustment costs over time and across economic conditions.
    Keywords: E31 ; L16 ; ddc:330 ; Sticky Prices ; Rigid Prices ; Cognitive Costs of Attention ; Information Processing Cost ; Price Adjustment ; Quantity Adjustment ; Preisrigidität ; Anpassungskosten ; Preismanagement ; SB-Lebensmittelgeschäft ; Konsumentenverhalten ; Kognition ; Wirtschaftspsychologie ; Israel
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Ramat-Gan: Bar-Ilan University, Department of Economics
    Publication Date: 2018-07-03
    Description: A large share of the UK off-course horse racing betting market involves winning payouts determined at Starting Prices (SP). This implies that gamblers can bet with off-course bookies on any horse before a race at the final pre-race odds as set by on-course bookies for that horse. Given the oligopolistic structure of the off-course gambling market in the UK, a market that is dominated by a small number of large bookmaking firms, we study the phenomenon of SP as a type of self-enforcing implicit collusion. We show that given the uncertainty about a race outcome, and their ability to influence the prices set by on-course bookies, agreeing to lay bets at SP is superior for off-course bookies as compared with offering fixed odds. We thus extend the results of Rotemberg and Saloner (1990) to markets with uncertainty about both demand and outcomes, We test our model by studying the predicted effects of SP betting on the behavior of on-course bookies. Using data drawn from both the UK and Australian on-course betting markets, we show that the differences between these markets are consistent with the predicted effects of SP betting in the UK off-course market and its absence from the Australian market.
    Keywords: ddc:330 ; Glücksspiel ; Pferdesport ; Oligopol ; Kartell ; Großbritannien ; Australien
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2017-03-07
    Description: We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli parliament has passed a law prohibiting the use of non 0-ending prices. We find that one year after 9-ending prices have disappeared, 90-ending prices acquired the same status as 9-ending prices had before the law was passed. 90-ending prices became the new psychological price points. The retailers and the shoppers both reacted to the regulatory intervention optimally, which has eliminated the regulation’s intended effect.
    Keywords: E31 ; L16 ; K20 ; ddc:330 ; 9-ending prices ; psychological price points ; sticky prices ; price regulation ; rigid prices ; price recall ; price control ; integer constraint
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:preprint
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  • 7
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2017-03-07
    Description: Recent studies in psychology and neuroscience find that fictional works exert strong influence on readers and shape their opinions and worldviews. We study the Potterian economy, which we compare to economic models, to assess how Harry Potter books affect economic literacy. We find that some principles of Potterian economics are consistent with economists’ models. Many others, however, are distorted and contain numerous inaccuracies, which contradict professional economists’ views and insights, and contribute to the general public’s biases, ignorance, and lack of understanding of economics.
    Keywords: A13 ; A14 ; D72 ; D73 ; H00 ; H11 ; I20 ; P16 ; P48 ; P51 ; Z11 ; Z13 ; ddc:330 ; Economic and Financial Literacy ; Political Economy ; Public Choice ; Rent Seeking ; Folk Economics ; Popular Opinion ; Harry Potter ; Social Organization of Economic Activity ; Literature ; Fiction ; Potterian Economy ; Potterian Economics
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:preprint
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  • 8
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    Atlanta, GA: Emory University
    Publication Date: 2016-08-30
    Description: If producers have more information than consumers about goods’ attributes, then they may use non-price (rather than price) adjustment mechanisms and, consequently, the market may reach a new equilibrium even if prices don't change. We study a situation where producers adjust the quantity per package rather than the price in response to changes in market conditions. Although consumers should be indifferent between equivalent changes in goods' prices and quantities, empirical evidence suggests that consumers often respond differently to price changes and equivalent quantity changes. We offer a possible explanation for this puzzle by constructing and empirically testing a model in which consumers incur cognitive costs when processing goods’ price and quantity information.
    Keywords: L11 ; L15 ; L16 ; M21 ; M31 ; M37 ; M38 ; K20 ; E31 ; D21 ; D22 ; D40 ; D83 ; ddc:330 ; Quantity Adjustment ; Cognitive Costs of Attention ; Information Processing
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Kiel und Hamburg: ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
    Publication Date: 2018-04-30
    Description: We use novel and unique data to study the effect of price changes in the market for luxury and middle class homes. We find that luxury home sales respond less to price changes than the middle-class home sales; in the market for luxury homes, past prices affect current prices; luxury home prices persist; and prices of luxury homes are stickier than prices of middle-class homes. Recent macroeconomic models predict that housing markets can have counter-cyclical effect, if home prices are flexible. Our findings imply that home prices, especially luxury home prices, may not be flexible enough to generate such effect.
    Keywords: E31 ; E32 ; R21 ; G14 ; D12 ; ddc:330 ; Housing market ; Luxury housing ; Housing demand ; Price rigidity ; Sticky prices ; Predictability ; Veblen Effect
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
    Publication Date: 2015-11-26
    Description: Using data from three sources (a laboratory experiment, a field study, and a large US supermarket chain), we document a surprising asymmetric behavior of 9-ending prices: they are more rigid upward, but not downward, in comparison to non 9-ending prices. The data from the lab experiment and the field study suggest that shoppers are less likely to notice higher prices when they end with 9, or price increases when the new prices end with 9, in comparison to other endings. The consumers' misperception seems to be caused by their use of 9-endings as a signal for low prices, which interferes with price information processing. The supermarket data suggest that retail price setters respond strategically to the consumer misperception by setting 9-ending prices more often after price increases than after price decreases. 9-ending prices, therefore, usually increase only if the new prices are also 9-ending. Consequently, 9-ending prices exhibit asymmetric rigidity: they are more rigid than non 9-ending prices upward but not downward.
    Keywords: E31 ; L16 ; C91 ; C93 ; D03 ; D80 ; M31 ; ddc:330 ; Price Points ; Price Recall ; Sticky Prices ; Rigid Prices ; Price Rigidity ; Price Adjustment ; 9-Ending Prices ; Psychological Prices ; Asymmetric Price Adjustment ; Price stickiness ; Adjustment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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