We develop a reduced-form model of price transmission in a vertical sector, allowing for refined asymmetric, contemporaneous and lagged, own and cross price effects. The model is used to analyze wholesale-retail price dynamics in the US butter market. The analysis provides strong evidence of asymmetric price transmissions. It documents the complex nature of nonlinear price dynamics in a vertica...

The paper discusses two partial equilibrium models, one is a synthetic model (GAPsi) and the other an econometrically estimated model (AG-MEMOD). While the synthetic model incorporates only price impacts and some shifts, the econometric model also reflects other influencing factors. Price formation includes policy measures as price wedges, or as explaining variables in key price equations or pr...

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Six hens pecked a key (Experiment 1) or pushed a door (Experiment 2) to obtain food reinforcement. In both experiments and as an analogue of price changes, the response requirements were varied in two ways: by increasing the number of responses required and by increasing the required force of each response. The two price manipulations (response number and response force) had different effects o...

The current framework of network utility maximization for rate control and its price-based algorithms assumes that each link provides a fixed-size transmission ‘pipe’ and each user’s utility is a function of transmission rate only. These assumptions break down in many practical systems, where, by adapting the physical layer channel coding or transmission diversity, different tradeoffs between r...