1932

Abstract

Studies examining pricing outcomes in the food retail industry are complicated both by the multiproduct nature of transactions and by the presence of highly concentrated food processing and retailing industries that mediate between relatively competitive farm product markets and the consumer market. In this review, we examine theoretical and empirical evidence for retail pricing and the vertical relationships that have emerged among retailers, food manufacturers, and farmers. We first focus our analysis on consumer behavior in multiproduct retail markets, including consumer search, habit formation, and reference pricing, and then discuss retail market outcomes for price discrimination, price fairness, and price obfuscation. We then turn to relationships between retailers and food manufacturers through bargaining outcomes, market foreclosure, and slotting allowances, and discuss the resulting implications for retail-price pass-through.

Loading

Article metrics loading...

/content/journals/10.1146/annurev-resource-101619-094219
2020-10-06
2024-10-06
Loading full text...

Full text loading...

/deliver/fulltext/resource/12/1/annurev-resource-101619-094219.html?itemId=/content/journals/10.1146/annurev-resource-101619-094219&mimeType=html&fmt=ahah

Literature Cited

  1. Adamowicz WL, Swait JD 2013. Are food choices really habitual? Integrating habits, variety-seeking, and compensatory choice in a utility-maximizing framework. Am. J. Agric. Econ. 95:117–41
    [Google Scholar]
  2. Allender W, Liaukonyte J, Nasser S, Richards TJ 2019. Price fairness and strategic obfuscation Work. Pap., W.P. Carey Sch. Bus., Ariz. State Univ., Tempe. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2780170
    [Google Scholar]
  3. Anderson ET, Dana JD Jr 2009. When is price discrimination profitable?. Manag. Sci. 55:6980–89
    [Google Scholar]
  4. Anderson ET, Simester DI 2008. Research note: Does demand fall when customers perceive that prices are unfair? The case of premium pricing for large sizes. Mark. Sci. 27:3492–500
    [Google Scholar]
  5. Anderson ET, Simester DI 2010. Price stickiness and customer antagonism. Q. J. Econ. 125:2729–65
    [Google Scholar]
  6. Anderson SP, de Palma A 1992. The logit as a model of product differentiation. Oxf. Econ. Pap. 44:151–67
    [Google Scholar]
  7. Anderson SP, de Palma A, Thisse JF 1992. Discrete Choice Theory of Product Differentiation Cambridge, MA: MIT Press
    [Google Scholar]
  8. Anderson SP, Ginsburg VA 1994. Price discrimination via second-hand markets. Eur. Econ. Rev. 38:123–44
    [Google Scholar]
  9. Arie G, Grieco PL 2014. Who pays for switching costs?. Quant. Mark. Econ. 12:4379–419
    [Google Scholar]
  10. Armstrong M, Vickers J 2001. Competitive price discrimination. RAND J. Econ. 32:4579–605
    [Google Scholar]
  11. Azzam AM 1999. Asymmetry and rigidity in farm-retail price transmission. Am. J. Agric. Econ. 81:3525–33
    [Google Scholar]
  12. Bailey D, Brorsen BW 1989. Price asymmetry in spatial fed cattle markets. West. J. Agric. Econ. 14:246–52
    [Google Scholar]
  13. Barrett C, Reardon T, Swinnen J, Zilberman D 2019. Structural transformation and economic development: insights from the agri-food value chain revolution Work. Pap., Dyson Sch. Appl. Econ. Manag., S.C. Johnson Sch. Bus., Cornell Univ., Ithaca, NY. http://barrett.dyson.cornell.edu/files/papers/BRSZ%2013%20Aug%202019.pdf
    [Google Scholar]
  14. Bell DR, Lattin JM 2000. Looking for loss aversion in scanner panel data: the confounding effect of price response heterogeneity. Mark. Sci. 19:2185–200
    [Google Scholar]
  15. Besanko D, Dubé JP, Gupta S 2003. Competitive price discrimination strategies in a vertical channel using aggregate retail data. Manag. Sci. 49:91121–38
    [Google Scholar]
  16. Blair EA, Landon EL Jr 1981. The effects of reference prices in retail advertisements. J. Mark. 45:261–69
    [Google Scholar]
  17. Bloom PN, Gundlach GT, Cannon JP 2000. Slotting allowances and fees: schools of thought and the views of practicing managers. J. Mark. 64:292–108
    [Google Scholar]
  18. Bolton LE, Keh HT, Alba JW 2010. How do price fairness perceptions differ across culture?. J. Mark. Res. 47:3564–76
    [Google Scholar]
  19. Bolton LE, Warlop L, Alba JW 2003. Consumer perceptions of price (un)fairness. J. Consum. Res. 29:4474–91
    [Google Scholar]
  20. Bontemps C, Orozco V, Réquillart V 2008. Private labels, national brands and food prices. Rev. Ind. Organ. 33:11–22
    [Google Scholar]
  21. Borenstein S, Cameron AC, Gilbert R 1997. Do gasoline prices respond asymmetrically to crude oil price changes?. Q. J. Econ. 112:1305–39
    [Google Scholar]
  22. Briesch RA, Krishnamurthi L, Mazumdar T, Raj SP 1997. A comparative analysis of reference price models. J. Consum. Res. 24:2202–14
    [Google Scholar]
  23. Brynjolfsson E, Smith MD 2000. Frictionless commerce? A comparison of internet and conventional retailers. Manag. Sci. 46:4563–85
    [Google Scholar]
  24. Bulow JI, Geanakoplos JD, Klemperer PD 1985. Multimarket oligopoly: strategic substitutes and complements. J. Political Econ. 93:3488–511
    [Google Scholar]
  25. Burdett K, Judd KL 1983. Equilibrium price dispersion. Econometrica 51:4955–69
    [Google Scholar]
  26. Cabral L 2009. Umbrella branding with imperfect observability and moral hazard. Int. J. Ind. Organ. 27:2207–13
    [Google Scholar]
  27. Cabral L 2016. Dynamic pricing in customer markets with switching costs. Rev. Econ. Dyn. 20:143–62
    [Google Scholar]
  28. Cachon GP, Terweisch C, Xu Y 2008. On the effects of consumer search and firm entry in a multiproduct competitive market. Mark. Sci. 27:3461–73
    [Google Scholar]
  29. Campbell MC 2007. “Says who?!” How the source of price information and affect influence perceived price (un)fairness. J. Mark. Res. 44:2261–71
    [Google Scholar]
  30. Carlin BI 2009. Strategic price complexity in retail financial markets. J. Financ. Econ. 91:3278–87
    [Google Scholar]
  31. Carlson JA, McAfee R 1983. Discrete equilibrium price dispersion. J. Political Econ. 91:3480–93
    [Google Scholar]
  32. Chandra A, Tappata M 2011. Consumer search and dynamic price dispersion: an application to gasoline markets. RAND J. Econ. 42:4681–704
    [Google Scholar]
  33. Charness G, Rabin M 2002. Understanding social preferences with simple tests. Q. J. Econ. 117:3817–69
    [Google Scholar]
  34. Chintagunta PK 2002. Investigating category pricing behavior at a retail chain. J. Mark. Res. 39:2141–54
    [Google Scholar]
  35. Chioveanu I, Zhou J 2013. Price competition with consumer confusion. Manag. Sci. 59:112450–69
    [Google Scholar]
  36. Chu J, Chintagunta P, Cebollada J 2008. Research note: A comparison of within-household price sensitivity across online and offline channels. Mark. Sci. 27:2283–99
    [Google Scholar]
  37. Coase RH 1972. Durability and monopoly. J. Law Econ. 15:1143–49
    [Google Scholar]
  38. Corts KS 1998. Third-degree price discrimination in oligopoly: all-out competition and strategic commitment. RAND J. Econ. 29:2306–23
    [Google Scholar]
  39. Crawford GS, Shum M 2007. Monopoly quality degradation and regulation in cable television. J. Law Econ. 50:1181–219
    [Google Scholar]
  40. Darke PR, Dahl DW 2003. Fairness and discounts: the subjective value of a bargain. J. Consum. Psychol. 13:3328–38
    [Google Scholar]
  41. De Los Santos B, Hortaçsu A, Wildenbeest MR 2012. Testing models of consumer search using data on web browsing and purchasing behavior. Am. Econ. Rev. 102:62955–80
    [Google Scholar]
  42. de Palma A, Lindsey R, von Hohenbalken B, West DS 1994. Spatial price and variety competition in an urban retail market: a nested logit analysis. Int. J. Ind. Organ. 12:3331–57
    [Google Scholar]
  43. Dixit AK, Stiglitz J 1977. Monopolistic competition and optimum product diversity. Am. Econ. Rev. 67:3297–308
    [Google Scholar]
  44. Draganska M, Klapper D, Villas-Boas SB 2010. A larger slice or a larger pie? An empirical investigation of bargaining power in the distribution channel. Mark. Sci. 29:157–74
    [Google Scholar]
  45. Dubé JP, Hitsch GJ, Rossi PE 2009. Do switching costs make markets less competitive?. J. Mark. Res. 46:4435–45
    [Google Scholar]
  46. Eichenbaum M, Jaimovich N, Rebelo S 2011. Reference prices, costs, and nominal rigidities. Am. Econ. Rev. 101:1234–62
    [Google Scholar]
  47. Ellison G 2005. A model of add-on pricing. Q. J. Econ. 120:2585–637
    [Google Scholar]
  48. Ellison G, Ellison SF 2009. Search, obfuscation, and price elasticities on the internet. Econometrica 77:2427–52
    [Google Scholar]
  49. Ellison G, Wolitzky A 2012. A search cost model of obfuscation. RAND J. Econ. 43:3417–41
    [Google Scholar]
  50. Esteban S, Shum M 2007. Durable-goods oligopoly with secondary markets: the case of automobiles. RAND J. Econ. 38:2332–54
    [Google Scholar]
  51. Fehr E, Schmidt KM 1999. A theory of fairness, competition, and cooperation. Q. J. Econ. 114:3817–68
    [Google Scholar]
  52. Gabaix X, Laibson D 2006. Shrouded attributes, consumer myopia, and information suppression in competitive markets. Q. J. Econ. 121:2505–40
    [Google Scholar]
  53. Garbarino E, Maxwell S 2010. Consumer response to norm-breaking pricing events in e-commerce. J. Bus. Res. 63:9–101066–72
    [Google Scholar]
  54. Gelbrich K 2011. I have paid less than you! The emotional and behavioral consequences of advantaged price inequality. J. Retail. 87:2207–24
    [Google Scholar]
  55. Goodwin BK, Holt MT 1999. Price transmission and asymmetric adjustment in the US beef sector. Am. J. Agric. Econ. 81:3630–37
    [Google Scholar]
  56. Gupta S, Cooper LG 1992. The discounting of discounts and promotion thresholds. J. Consum. Res. 19:3401–11
    [Google Scholar]
  57. Hamilton SF 2003. Slotting allowances as a facilitating practice by food processors in wholesale grocery markets: profitability and welfare effects. Am. J. Agric. Econ. 85:4797–813
    [Google Scholar]
  58. Hamilton SF, Bontems P, Lepore J 2015. Oligopoly intermediation, relative rivalry and market conduct. Int. J. Ind. Organ. 40:149–59
    [Google Scholar]
  59. Hamilton SF, Innes R 2017. Slotting allowances and retail product variety under oligopoly. Econ. Lett. 158:34–36
    [Google Scholar]
  60. Hamilton SF, Richards TJ 2009. Product differentiation, store differentiation, and assortment depth. Manag. Sci. 55:81368–76
    [Google Scholar]
  61. Heckman JJ 1981. Statistical models for discrete panel data. Structural Analysis of Discrete Data with Econometric Applications ed. CF Manski, D McFadden 114–78 Cambridge, MA: MIT Press
    [Google Scholar]
  62. Ho TH, Su X 2009. Peer-induced fairness in games. Am. Econ. Rev. 99:52022–49
    [Google Scholar]
  63. Holmes T 1989. The effects of third-degree price discrimination in oligopoly. Am. Econ. Rev. 79:1244–50
    [Google Scholar]
  64. Hong H, Shum M 2006. Using price distributions to estimate search costs. RAND J. Econ. 37:2257–75
    [Google Scholar]
  65. Innes R, Hamilton SF 2009. Vertical restraints and horizontal control. RAND J. Econ. 40:1120–43
    [Google Scholar]
  66. Iyer G, Villas-Boas JM 2003. A bargaining theory of distribution channels. J. Mark. Res. 40:180–100
    [Google Scholar]
  67. Kahneman D, Knetsch JL, Thaler R 1986. Fairness as a constraint on profit seeking: entitlements in the market. Am. Econ. Rev.728–41
    [Google Scholar]
  68. Kalayci K, Potters J 2011. Buyer confusion and market prices. Int. J. Ind. Organ. 29:114–22
    [Google Scholar]
  69. Keane MP 1997. Modeling heterogeneity and state dependence in consumer choice behavior. J. Bus. Econ. Stat. 15:3310–27
    [Google Scholar]
  70. Klein NH, Oglethorpe JE 1987. Cognitive reference points in consumer decision making. Adv. Consum. Res. 14:183–87
    [Google Scholar]
  71. Klemperer PD 1995. Competition when consumers have switching costs: an overview with applications to industrial organization, macroeconomics, and international trade. Rev. Econ. Stud. 62:4515–39
    [Google Scholar]
  72. Kwak K, Duvvuri SD, Russell GJ 2015. An analysis of assortment choice in grocery retailing. J. Retail. 91:119–33
    [Google Scholar]
  73. Lariviere MA, Padmanabhan V 1997. Slotting allowances and new product introductions. Mark. Sci. 16:2112–28
    [Google Scholar]
  74. Lewis M 2008. Price dispersion and competition with differentiated sellers. J. Ind. Econ. 56:3654–78
    [Google Scholar]
  75. Lim S, Richards TJ 2019. Scan-based trading and equilibrium bargaining Work. Pap., W.P. Carey Sch. Bus., Ariz. State Univ., Tempe. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3470939
    [Google Scholar]
  76. Liu-Thompkins Y, Tam L 2013. Not all repeat customers are the same: designing effective cross-selling promotion on the basis of attitudinal loyalty and habit. J. Mark. 77:521–36
    [Google Scholar]
  77. Martin WC, Ponder N, Lueg JE 2009. Price fairness perceptions and customer loyalty in a retail context. J. Bus. Res. 62:6588–93
    [Google Scholar]
  78. Marx L, Shaffer G 2004. Slotting allowances and scarce shelf space. Mark. Sci. 22:2198–230
    [Google Scholar]
  79. Maxwell S, Garbarino E 2010. The identification of social norms of price discrimination on the internet. J. Prod. Brand Manag. 19:3218–24
    [Google Scholar]
  80. Mayhew GE, Winer RS 1992. An empirical analysis of internal and external reference prices using scanner data. J. Consum. Res. 19:162–70
    [Google Scholar]
  81. Mazumdar T, Raj SP, Sinha I 2005. Reference price research: review and propositions. J. Mark. 69:84–102
    [Google Scholar]
  82. McManus B 2007. Nonlinear pricing in an oligopoly market: the case of specialty coffee. RAND J. Econ. 38:2512–32
    [Google Scholar]
  83. Meza S, Sudhir K 2010. Do private labels increase retailer bargaining power?. Quant. Mark. Econ. 8:3333–63
    [Google Scholar]
  84. Mills DE 1995. Why retailers sell private labels. J. Econ. Manag. Strategy 4:3509–28
    [Google Scholar]
  85. Moraga-Gonzalez J, Wildenbeest M 2008. Maximum likelihood estimation of search costs. Eur. Econ. Rev. 52:5820–48
    [Google Scholar]
  86. Muir D, Seim K, Vitorino MA 2013. Price obfuscation and consumer search: an empirical analysis Work. Pap., Dep. Econ., Univ. Pa., Philadelphia. https://pdfs.semanticscholar.org/0937/a9488c40e6cccd5c9d735dac690a97075a4e.pdf
    [Google Scholar]
  87. Mussa M, Rosen S 1978. Monopoly and product quality. J. Econ. Theory 18:2301–17
    [Google Scholar]
  88. Nair H, Chintagunta P, Dubé JP 2004. Empirical analysis of indirect network effects in the market for personal digital assistants. Quant. Mark. Econ. 2:123–58
    [Google Scholar]
  89. Nevo A, Wolfram C 2002. Why do manufacturers issue coupons? An empirical analysis of breakfast cereals. RAND J. Econ. 33:2319–39
    [Google Scholar]
  90. Oliver RL, Swan JE 1989. Equity and disconfirmation perceptions as influences on merchant and product satisfaction. J. Consum. Res. 16:3372–83
    [Google Scholar]
  91. Ordóñez LD, Connolly T, Coughlan R 2000. Multiple reference points in satisfaction and fairness assessment. J. Behav. Decis. Making 13:3329–44
    [Google Scholar]
  92. Peltzman S 2000. Prices rise faster than they fall. J. Political Econ. 108:3466–502
    [Google Scholar]
  93. Pesendorfer M 2002. Retail sales: a study of pricing behavior in supermarkets. J. Bus. 75:133–66
    [Google Scholar]
  94. Piccione M, Spiegler R 2012. Price competition under limited comparability. Q. J. Econ. 127:197–135
    [Google Scholar]
  95. Reardon T, Timmer CP 2012. The economics of the food system revolution. Annu. Rev. Resour. Econ. 4:225–64
    [Google Scholar]
  96. Rey P, Vergé T 2004. Bilateral control with vertical contracts. RAND J. Econ. 35:4728–46
    [Google Scholar]
  97. Rhodes A 2014. Re-examining the effects of switching costs. Econ. Theory 57:1161–94
    [Google Scholar]
  98. Richards TJ, Bonnet C, Bouamra-Mechemache Z 2018a. Complementarity and bargaining power. Eur. Rev. Agric. Econ. 45:3297–331
    [Google Scholar]
  99. Richards TJ, Bonnet C, Bouamra-Mechemache Z, Klein G 2019. Strategic obfuscation and retail pricing Work. Pap., W.P. Carey Sch. Bus., Ariz. State Univ., Tempe. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3470935
    [Google Scholar]
  100. Richards TJ, Gómez MI, Lee J 2014. Pass-through and consumer search: an empirical analysis. Am. J. Agric. Econ. 96:41049–69
    [Google Scholar]
  101. Richards TJ, Gómez MI, Printezis I 2015. Hysteresis, price acceptance, and reference prices. Am. J. Agric. Econ. 98:3679–706
    [Google Scholar]
  102. Richards TJ, Hamilton SF 2006. Rivalry in price and variety among supermarket retailers. Am. J. Agric. Econ. 88:3710–26
    [Google Scholar]
  103. Richards TJ, Hamilton SF 2015. Variety pass-through: an examination of the ready-to-eat breakfast cereal market. Rev. Econ. Stat. 97:1166–80
    [Google Scholar]
  104. Richards TJ, Hamilton SF, Allender W 2016a. Search and price dispersion in online grocery markets. Int. J. Ind. Organ. 47:255–81
    [Google Scholar]
  105. Richards TJ, Hamilton SF, Yonezawa K 2017. Variety and the cost of search in supermarket retailing. Rev. Ind. Organ. 50:3263–85
    [Google Scholar]
  106. Richards TJ, Hamilton SF, Yonezawa K 2018b. Retail market power in a shopping basket model of supermarket competition. J. Retail. 94:3328–42
    [Google Scholar]
  107. Richards TJ, Liaukonyte J 2019. Switching costs and store choice Work. Pap., W.P. Carey Sch. Bus., Ariz. State Univ., Tempe. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3470937
    [Google Scholar]
  108. Richards TJ, Liaukonyte J, Streletskaya NA 2016b. Personalized pricing and price fairness. Int. J. Ind. Organ. 44:138–53
    [Google Scholar]
  109. Richards TJ, Patterson PM 2004. Slotting allowances as real options: an alternative explanation. J. Bus. 77:4675–96
    [Google Scholar]
  110. Rogers RT, Sexton RJ 1994. Assessing the importance of oligopsony power in agricultural markets. Am. J. Agric. Econ. 76:51143–50
    [Google Scholar]
  111. Rotemberg JJ 2011. Fair pricing. J. Eur. Econ. Assoc. 9:5952–81
    [Google Scholar]
  112. Roy R, Chintagunta PK, Haldar S 1996. A framework for investigating habits, “The Hand of the Past,” and heterogeneity in dynamic brand choice. Mark. Sci. 15:3280–99
    [Google Scholar]
  113. Russell GJ, Petersen A 2000. Analysis of cross category dependence in market basket selection. J. Retail. 76:3367–92
    [Google Scholar]
  114. Sexton RJ 2012. Market power, misconceptions, and modern agricultural markets. Am. J. Agric. Econ. 95:2209–19
    [Google Scholar]
  115. Sexton RJ, Zhang M 2001. An assessment of the impact of food industry market power on US consumers. Agribusiness 17:159–79
    [Google Scholar]
  116. Shaffer G 1991. Slotting allowances and resale price maintenance: a comparison of facilitating practices. RAND J. Econ. 22:1120–35
    [Google Scholar]
  117. Shaffer G, Zettelmeyer F 2004. Advertising in a distribution channel. Mark. Sci. 23:4619–28
    [Google Scholar]
  118. Shehryar O, Hunt DM 2005. Buyer behavior and procedural fairness in pricing: exploring the moderating role of product familiarity. J. Prod. Brand Manag. 14:4271–76
    [Google Scholar]
  119. Sitzia S, Zizzo DJ 2011. Does product complexity matter for competition in experimental retail markets?. Theory Decis. 70:165–82
    [Google Scholar]
  120. Slade ME 1995. Product rivalry with multiple strategic weapons: an analysis of price and advertising competition. J. Econ. Manag. Strategy 4:3445–76
    [Google Scholar]
  121. Slade ME 1999. Sticky prices in a dynamic oligopoly: an investigation of (s,S) thresholds. Int. J. Ind. Organ. 17:4477–511
    [Google Scholar]
  122. Smith H 2004. Supermarket choice and supermarket competition in market equilibrium. Rev. Econ. Stud. 71:1235–63
    [Google Scholar]
  123. Smith H, Thomassen Ø 2012. Multi-category demand and supermarket pricing. Int. J. Ind. Organ. 30:3309–14
    [Google Scholar]
  124. Spiegler R 2006. Competition over agents with boundedly rational expectations. Theor. Econ. 1:2207–31
    [Google Scholar]
  125. Sullivan MW 1997. Slotting allowances and the market for new products. J. Law Econ. 40:2461–94
    [Google Scholar]
  126. Takeyama LN 2002. Strategic vertical differentiation and durable goods monopoly. J. Ind. Econ. 50:143–56
    [Google Scholar]
  127. Tappata M 2009. Rockets and feathers: understanding asymmetric pricing. RAND J. Econ. 40:4673–87
    [Google Scholar]
  128. Thaler R 1985. Mental accounting and consumer choice. Mark. Sci. 4:3199–214
    [Google Scholar]
  129. Thomassen Ø, Smith H, Seiler S, Schiraldi P 2017. Multi-category competition and market power: a model of supermarket pricing. Am. Econ. Rev. 107:82308–51
    [Google Scholar]
  130. Trindade A 2015. Price and variety in supermarkets: Can store competition hurt consumers? Work. Pap., Dep. Econ., Northwest. Univ., Evanston, IL. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1878830
    [Google Scholar]
  131. Varian HR 1980. A model of sales. Am. Econ. Rev. 70:4651–59
    [Google Scholar]
  132. Varian HR 1997. Versioning information goods Work. Pap., Univ. Calif., Berkeley. http://people.ischool.berkeley.edu/∼hal/Papers/version.pdf
    [Google Scholar]
  133. Verboven F 2002. Quality-based price discrimination and tax incidence: evidence from gasoline and diesel cars. RAND J. Econ. 33:2275–97
    [Google Scholar]
  134. Villas-Boas JM 1995. Models of competitive price promotions: some empirical evidence from the coffee and saltine crackers markets. J. Econ. Manag. Strategy 4:185–107
    [Google Scholar]
  135. Villas-Boas JM 2015. A short survey on switching costs and dynamic competition. Int. J. Res. Mark. 32:2219–22
    [Google Scholar]
  136. Villas-Boas JM, Zhao Y 2005. Retailer, manufacturers, and individual consumers: modeling the supply side in the ketchup marketplace. J. Mark. Res. 42:183–95
    [Google Scholar]
  137. Ward MB, Shimshack JP, Perloff JM, Harris JM 2002. Effects of the private-label invasion in food industries. Am. J. Agric. Econ. 84:4961–73
    [Google Scholar]
  138. Ward RW 1982. Asymmetry in retail, wholesale, and shipping point pricing for fresh vegetables. Am. J. Agric. Econ. 64:2205–12
    [Google Scholar]
  139. Weisstein FL, Monroe KB, Kukar-Kinney M 2013. Effects of price framing on consumers’ perceptions of online dynamic pricing practices. J. Acad. Mark. Sci. 41:5501–14
    [Google Scholar]
  140. Wildenbeest M 2011. An empirical model of search with vertically differentiated products. RAND J. Econ 42:4729–57
    [Google Scholar]
  141. Wilson CM 2010. Ordered search and equilibrium obfuscation. Int. J. Ind. Organ. 28:5496–506
    [Google Scholar]
  142. Winer RS 1988. A price vector model of demand for consumer durables: preliminary developments. Mark. Sci. 4:174–90
    [Google Scholar]
  143. Xia L, Kukar-Kinney M, Monroe KB 2010. Effects of consumers’ efforts on price and promotion fairness perceptions. J. Retail. 86:11–10
    [Google Scholar]
  144. Xia L, Monroe KB, Cox JL 2004. The price is unfair! A conceptual framework of price fairness perceptions. J. Mark. 68:41–15
    [Google Scholar]
  145. Yang H, Ye L 2008. Search with learning: understanding asymmetric price adjustments. RAND J. Econ. 39:2547–64
    [Google Scholar]
  146. Yonezawa K, Gómez MI, Richards TJ 2020. The Robinson–Patman Act and vertical relationships. Am. J. Agric. Econ. 102:1329–52
    [Google Scholar]
/content/journals/10.1146/annurev-resource-101619-094219
Loading
  • Article Type: Review Article
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error