Recent managerial evidence and academic research has suggested that consumer decisions are influenced not only by the prices of individual items but also by a retailer's price image, which reflects a consumer's impression of the overall price level of a retailer. Despite the increasing importance of price image in marketing theory and practice, existing research has not provided a clear picture...

This paper examines the welfare implications of managing asset-price with consumer-price inflation targeting by monetary authorities who have to learn the laws of motion for both inflation rates. The central bank can reduce the volatility of consumption as well as improve welfare more effectively if it adopts state-contingent Taylor rules aimed at inflation and Qgrowth targets in this learning ...

In this study a demand system analysis for beef in South Korea is constructed. A free trade demand system was used in which the economic welfare of market participants are maximized. Recognizing implicit discrimination about non-locally sourced beef products, this study deduces market demand equations with respect to consumer preference in order to identify the marginal effect of change consume...

341 Alcohol research is carried out from a variety of disciplinary backgrounds and perspectives. From an economic perspective, alcoholic beverages are consumer goods, and therefore what is known about consumer behavior in general is likely to provide insights into alcohol consumption in particular. Perhaps the most basic prediction from the economic model of consumer behavior is that, other thi...

We present a laboratory experiment on the impact of price framing on consumer decision making. Consumer subjects face a search market where two sellers offer a homogeneous good. We examine six different price frames with linear perunit pricing (that is displayed as such) serving as a benchmark. We find that all frames deviating from the benchmark have some negative impact on consumer decision m...

What is consumer surplus, and how is it measured? ANSWER: Consumer surplus measures the benefit to buyers of participating in a market. It is measured as the amount a buyer is willing to pay for a good minus the amount a buyer actually pays for it. For an individual purchase, consumer surplus is the difference between the willingness to pay, as shown on the demand curve, and the market price. F...

OBJECTIVES The objectives of this study were to analyse the total socio-economic impact of RA in Sweden during the period 1990-2010 and to analyse possible changes in costs during this period. The period was deliberately chosen to cover 10 years before and 10 years after the introduction of biologic drugs. METHODS A prevalence-based cost-of-illness study was conducted based on data from natio...

22.1 The existence of seasonal commodities poses some significant challenges for price statisticians. Seasonal commodities are commodities which are either: (a) not available in the marketplace during certain seasons of the year, or (b) are available throughout the year, but there are regular fluctuations in prices or quantities that are synchronized with the season or the time of the year. A c...