I shall argue two main points. The first is that although Marx is conventionally taken to have formulated two different theories of price in the the three volumes of Capital, labour values in volume I and prices of production in volume III, there is actually a third theory, hidden inside the reproduction schemes of volume II. This theory is not explicit, but can be logically deduced from the co...

This article examines how numerical intuition for prices develops after a major change in currency. University students in Portugal (Study 1) and Austria (Study 2) made price estimates for 40 different items from November 2001 to June 2002, surrounding the time at which these countries switched to the euro. Overall results are more in accordance with a relearning hypothesis, considering that pr...

2004 and by more than 40% since the beginning of 2005.Though the U.S. economy has apparently absorbed this supply shock well so far, the path of future oil prices remains a concern for monetary policymakers. Higher oil prices can damp demand, as consumers and firms spend more of their budgets on oil-related products and less on other goods and services. Furthermore, if higher oil prices are pas...

The main purpose of this paper is to examine the relationship between consumer price index (CPI) and producer price index (PPI) in Malaysia. This research considers monthly data of consumer price index and producer price index from January 1986 to April 2007. The Johansen cointegration method suggests that there is long-run equilibrium relationship between these two variables. Both Engle Grange...

Nominal rigidities have an important role in macro models used for the analysis of monetary policy. Recently, attractive prices (also known as price points) have often been referred to as one important potential explanation of nominal rigidities. An increased interest on attractive prices as an explanation for price rigidities rests on online pricing, in the context of which it has been shown t...

In a model with two buyers and sellers we consider the choice of sales mechanism from three possibilities: posted prices, and auctions with and without reserve prices. With homogenous goods, sellers’ expected revenues are highest when both sellers auction with reserve prices – 33% higher than if posting prices and 100% higher than if auctioning without reserve prices. When sellers can choose th...

We examined the impact of specific emotions on the endowment effect, the tendency for selling prices to exceed buying or "choice" prices for the same object. As predicted by appraisal-tendency theory, disgust induced by a prior, irrelevant situation carried over to normatively unrelated economic decisions, reducing selling and choice prices and eliminating the endowment effect. Sadness also car...

The link (or lack of link) between food commodity prices and consumer prices is an important issue not only for academics but also for policymakers. This paper asks how and to what extent changes in food commodity prices spill over to consumer prices, using a new data set for the euro area as well as a new empirical approach. The authors find that there is a statistically significant link betwe...