52:. As Means argued in 1972, "Basically, the administered-price thesis holds that a large body of industrial prices do not behave in the fashion that classical theory would lead one to expect. It was first developed in 1934â35 to apply to the cyclical behavior of industrial prices. It specifically held that in business recessions administered prices showed a tendency not to fall as much as market prices while the recession fall in demand worked itself out primarily through a fall in sales, production, and employment."
78:
another survey of 700 Australian companies found that at least 49% of their prices were marked-up. A study of 630 Japanese firms from 2000 found 54% of them use mark-up pricing. A survey of 580 Icelandic firms found that markup prices were the most common, accounting for 45% of all prices set by those companies.
158:
Loupias, Claire and Roland Ricart. 2007. "Asymmetries in Price
Setting: Some Evidence from French Survey Data," in S. Fabiani, C. Suzanne Loupias, F. M. Monteiro Martins and Roberto Sabbatini (eds.), Pricing Decisions in the Euro Area: How Firms set Prices and Why. Oxford University Press, New York.
77:
prices. They also account for 40% of the prices of goods sold in France and 73% of those sold in
Germany. A survey of 725 Norwegian firms from the 2000s found that 69% of those firms use markup pricing. A survey of 5,300 New Zealand firms found that 54% of business prices were cost-added, while
168:
Fabiani, S., M. Druant, I. Hernando, C. Kwapil, B. Landau, C. Loupias, F. Martins, T. MathÀ, R. Sabbatini, H. Stahl and A. Stokman. 2006. "What Firms' Surveys tell us about Price-Setting
Behavior in the Euro Area," International Journal of Central Banking 2.3:
60:
Since Means and Berle's pioneering work in the 1930s, numerous empirical surveys have been carried out to understand the role of administered prices in national economies. Surveys conducted in the 1980s found that 70â85% of
American industrial prices were
235:Ălafsson, Thorvardur Tjörvi, PĂ©tursdĂłttir, Ăsgerdur, and Karen Ă. VignisdĂłttir. 2011. "Price Setting in Turbulent Times: Survey Evidence from Icelandic Firms," Working Paper Central Bank of Iceland www.sedlabanki.is/lisalib/getfile.aspx?itemid=8891
65:. An American survey from the 1990s covering an industrial and non-industrial pricing behavior found that a majority of prices take cost into account. A Canadian survey from 2002 found that 67.1% of major Canadian firms attributed
73:"). Writing in 2006, Fabiani et al found that administered prices account for 42% of prices (of both goods and services) in Italy, 46% in Belgium, 52% in Spain, 65% in Portugal, and an average of 54% of all
178:
Fabiani, Silvia, Suzanne
Loupias, Claire, Monteiro Martins, Fernando Manuel and Roberto Sabbatini. 2007. Pricing Decisions in the Euro Area: How Firms set Prices and Why. Oxford University Press, New York.
188:
251:
Means, G. C. 1992 . "The
Corporate Revolution," in Frederic S. Lee and Warren J. Samuels (eds.), The Heterodox Economics of Gardiner C. Means: A Collection. M.E. Sharpe, Armonk, N.Y.
187:
Langbraaten, Nina, NordbĂž, Einar W. and
Fredrik Wulfsberg. 2008. "Price-setting Behaviour of Norwegian Firms â Results of a Survey," Norges Bank Economic Bulletin 79.2: 13â34.
211:
Park, Anna, Rayner, Vanessa and
Patrick DâArcy. 2010. "Price-Setting Behaviour â Insights from Australian Firms," Reserve Bank of Australia Bulletin (June Quarter): 7â14.
254:
Means, G. C. 1935. "Industrial Prices and their
Relative Inflexibility." US Senate Document no. 13, 74th Congress, 1st Session, Government Printing Office, Washington DC.
981:
189:
http://www.norges-bank.no/en/about/published/publications/economic-bulletin/economic-bulletin-22008/price-setting-behaviour-of-norwegian-firms--results-of-a-survey/
48:
1027:
149:
Blinder, A. S. et al. (eds.). 1998. Asking about Prices: A New
Approach to Understanding Price Stickiness. Russell Sage Foundation, New York.
298:
119:
260:
Means, G. C. 1939â1940. "Big Business, Administered Prices, and the Problem of Full Employment," Journal of Marketing 4: 370â381.
223:
Nakagawa, S., R. Hattori and I. Takagawa, 2000. "Price-Setting Behaviour of Japanese Companies," Bank of Japan Research Paper
1047:
69:
to markup pricing. A 2003â2004 survey done in France found that 36.9% of prices are cost-added (another 4% of prices were "
567:
991:
662:
529:
1042:
486:
471:
131:
Govindarajan, V. and R. Anthony. 1986. "How Firms use Cost Data in Price Decisions," Management Accounting 65: 30â34.
727:
451:
592:
1062:
248:
Berle, Adolf A. and Gardner C. Means. 1932. "The Modern Corporation and Private Property." Macmillan, New York.
140:
Shim, Eunsup, and Ephraim Sudit. 1995. "How Manufacturers Price Products," Management Accounting 76.8: 37â39.
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36:
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421:
111:
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951:
916:
722:
559:
549:
461:
381:
326:
266:
Means, G. C. 1972. "The Administered Price Thesis Reconfirmed." American Economic Review 62: 292â306.
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441:
391:
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32:
1017:
881:
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697:
637:
356:
321:
257:
Means, G. C. 1936. "Notes on Inflexible Prices," American Economic Review 26 (Supplement): 23â35.
24:
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66:
19:
are prices of goods set by the internal pricing structures of firms that take into account
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941:
936:
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835:
712:
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632:
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431:
371:
361:
341:
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Means, G. C. 1962. "Pricing Power and the Public Interest." Harper and Brothers. New York.
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996:
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331:
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642:
572:
122:, Wien, Vol. XXVII, Iss. 4, December 1967, p. 430 (§ 4. Administered Prices).
762:
582:
276:
74:
116:
The purpose of competition policy. A critical essay on the EEC's views
213:
http://www.rba.gov.au/publications/bulletin/2010/jun/bu-0610-2a.html
20:
280:
201:
https://cama.crawford.anu.edu.au/amw2013/doc/Parker,Miles.pdf
225:
http://www.boj.or.jp/en/research/brp/ron_2000/ron0009b.htm/
199:
Parker, Miles. "Price-Setting Behaviour in New Zealand"
1010:
874:
791:
558:
485:
314:
273:" par (Review of Political Economy, October 2008)
292:
8:
49:The Modern Corporation and Private Property
299:
285:
277:
104:
1028:English historical school of economics
982:Structureâconductâperformance paradigm
7:
14:
120:Zeitschrift fĂŒr Nationalökonomie
35:. They were first described by
1048:Historical school of economics
1:
992:Theory of two-level planning
487:New institutional economists
271:The Theory of Price Controls
472:Edward Lawrence Wheelwright
63:markup or cost-added prices
1100:
967:Penalty of taking the lead
1063:Post-Keynesian economics
1043:French historical school
315:Institutional economists
269:Laguerodie and Vergara "
37:institutional economists
23:rather than through the
1038:Evolutionary psychology
902:Conspicuous consumption
308:Institutional economics
1033:Evolutionary economics
875:Key concepts and ideas
831:Donald Angus MacKenzie
457:George W. Stocking Sr.
377:John Kenneth Galbraith
1023:Development economics
932:Hiding hand principle
922:Effective competition
793:Economic sociologists
560:Behavioral economists
422:Wesley Clair Mitchell
112:M.A.G. van Meerhaeghe
952:Market concentration
917:Countervailing power
723:Sendhil Mullainathan
550:Oliver E. Williamson
382:Walton Hale Hamilton
327:Clarence Edwin Ayres
1002:Veblenian dichotomy
912:Conventional wisdom
907:Conspicuous leisure
897:Bounded rationality
887:Administered prices
708:Brigitte C. Madrian
510:Steven N. S. Cheung
392:Albert O. Hirschman
387:Orris C. Herfindahl
46:in their 1932 book
33:classical economics
17:Administered prices
1018:Cultural economics
882:Accelerator effect
698:George Loewenstein
638:Catherine C. Eckel
357:John Maurice Clark
322:Werner Abelshauser
1071:
1070:
892:Barriers to entry
758:Robert J. Shiller
718:Matteo Motterlini
462:Lars PĂ„lsson Syll
31:and predicted by
29:supply and demand
1091:
977:Shortage economy
962:Market structure
927:Herfindahl index
851:Laurent Thévenot
846:Richard Swedberg
841:Lynette Spillman
826:Mark Granovetter
811:James S. Coleman
783:Georg WeizsÀcker
778:Robert W. Vishny
743:Klaus M. Schmidt
693:Jeffrey R. Kling
588:Douglas Bernheim
477:Erich Zimmermann
467:Thorstein Veblen
447:Herbert A. Simon
442:François Simiand
417:Jesse W. Markham
397:Geoffrey Hodgson
337:Shimshon Bichler
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67:price-stickiness
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987:Technostructure
942:Instrumentalism
937:Hirschman cycle
870:
866:Viviana Zelizer
836:Joel M. Podolny
787:
713:Gary McClelland
678:Daniel Kahneman
673:David Ryan Just
668:Charles A. Holt
648:Urs Fischbacher
633:Stephen Duneier
623:Werner De Bondt
554:
481:
432:Jonathan Nitzan
372:Robert H. Frank
362:John R. Commons
342:Robert A. Brady
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1058:Microeconomics
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1011:Related fields
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1007:
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1004:
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947:Kuznets cycles
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738:Howard Rachlin
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728:Michael Norton
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497:
495:Daron Acemoglu
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452:Frank Stilwell
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56:Empirical data
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44:Adolf A. Berle
40:Gardiner Means
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1053:Legal realism
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603:Colin Camerer
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598:Sarah Brosnan
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593:Samuel Bowles
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579:
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545:Elinor Ostrom
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531:
530:Claude MĂ©nard
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505:Masahiko Aoki
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427:Gunnar Myrdal
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407:Simon Kuznets
405:
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68:
64:
55:
53:
51:
50:
45:
41:
38:
34:
30:
26:
25:market forces
22:
18:
997:Veblen goods
957:Market power
886:
801:Jens Beckert
773:Amos Tversky
748:Eldar Shafir
613:Kay-Yut Chen
540:Mancur Olson
515:Ronald Coase
412:Hunter Lewis
402:JĂĄnos Kornai
231:
219:
207:
195:
183:
174:
164:
154:
145:
136:
127:
115:
107:
59:
47:
16:
15:
972:Satisficing
683:Ariel Kalil
578:Nava Ashraf
525:Avner Greif
332:Joe S. Bain
658:Uri Gneezy
643:Armin Falk
628:Paul Dolan
573:Dan Ariely
99:References
763:Uwe Sunde
583:Ofer Azar
71:regulated
1078:Category
82:See also
75:Eurozone
1084:Pricing
243:Sources
159:83â96.
88:Markup
169:3â47.
42:and
21:cost
27:of
1080::
118:,
114:,
300:e
293:t
286:v
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