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Firms' pricing decisions and alternative theories

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Babasab Patil
Babasab Patil

The document discusses alternative theories of pricing behavior compared to conventional neoclassical microeconomic theory. It notes that empirical studies show most firms have stable or falling marginal costs, set prices infrequently, have inelastic demand, and are large relative to their industries. Alternative models of pricing focus on uncertainty, product differentiation, and excess capacity as constraints rather than marginal costs. Post-Keynesian and Sraffian theories argue prices are "administered" through markups over costs rather than set by demand, with prices changing less often in manufactured goods industries.

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Managerial Economics
Recap ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Other theories of pricing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Manufacturing: Operation within capacity ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Segmented demand heterogeneous goods ,[object Object],[object Object],[object Object],Quantity Price Luxury Sports Midrange Standard Economy
Manufacturing: Operation within capacity ,[object Object],[object Object],[object Object]
Manufacturing: Operation within capacity ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Firestone recall ,[object Object],Several deaths due to blowouts Recall 6.5 million tyres in 2000/2001 Goodyear (US ) 31% of market; Bridgestone 23%; Michelin (French) 23% Big consumer shift from Bridgestone to Goodyear How would “supply & demand economics” analyse this? The night before... The morning after...
Firestone recall ,[object Object],Demand Supply Q e P e Rise in demand (normal demand plus refit of 6.5 million tyres)… Price should rise, not much change in output… What actually happened? Much more complex: case study in Actual competitive dynamics; and What not to do! Quantity Price
Firestone recall ,[object Object],[object Object]
Firestone recall ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Firestone recall ,[object Object],[object Object]
Firestone recall ,[object Object],[object Object],[object Object],[object Object],[object Object]
Alternative models of firm behaviour ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Alternative models of firm behaviour ,[object Object],[object Object],[object Object],[object Object],[object Object],Let’s break that down by percentages:
Alternative models of firm behaviour ,[object Object],[object Object],Bottom 95% of firms responsible for only 25% of salaries & 15% of sales Top 0.25% responsible for 51%+ of salaries and 62%+ of sales It’s a big world out there… Model of “big” pricing needed
Galbraith & Institutional Analysis ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Galbraith & Institutional Analysis ,[object Object],[object Object],[object Object]
Galbraith & Institutional Analysis ,[object Object],[object Object]
Fortune 500 Top 26…
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Andrews 1950: 61 Emphasis on realism Post Keynesians often stunned that model not accepted by economists:
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],[object Object],Product Group Administered % Market % Farm products 2.63 84.21 Foods 24.73 41.93 Hides, leather 61.54 23.08 Textiles 51.25 17.50 Fuel 16.67 38.89 Metal products 62.93 6.89 Building materials 64.20 14.81 Chemicals, drugs 75.00 4.76 House furnishings 88.89 0 Miscellaneous 62.22 17.78 Total 53.81 21.23 Lee & Downward 1999: 867
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],The 71.5 per cent price rise achieved by iron ore producers this week ... the rest of us should be bracing for a dose of cost-of-living reality as those prices flow through the production chain. Everything ... will be affected. Or, at least, they would be affected if the price rises were passed down the chain.
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object]
Post Keynesian Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
“ Sraffian” Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
“ Sraffian” Price Theory ,[object Object],[object Object],Equation expressed using Matrix notation P vector of prices: one for each commodity in economy Q matrix: each element shows fraction of one input needed to produce one unit of relevant output Mathematics puts limits on “markup” (profit rate) Generalised to include Labour inputs needed: Labour needed also vector: labour-time needed to produce one unit of each commodity in economy
“ Sraffian” Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
“ Sraffian” Price Theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Summing up alternatives ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
New products ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
New products ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
New products ,[object Object],[object Object],[object Object]
New products ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
New products ,[object Object]
New products ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Schumpeter’s model ,[object Object],[object Object],[object Object],[object Object],[object Object]

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