Choosing between time and state dependence: micro evidence on firms' price-reviewing strategies

Thanks to recent findings based on survey data, it is now well known that firms differ from each other with respect to their price-reviewing strategies. While some firms review their prices at fixed intervals of time, others prefer to perform price revisions in response to changes in economic conditions. In order to explain this fact, some theories have been suggested in the literature. However, empirical evidence on the relative importance of the factors determining firms’ different strategies is virtually nonexistent. This paper contributes to filling this gap by investigating the factors that explain why firms follow time-, state- or time- and state-dependent price-reviewing rules. We find that firms’ strategies vary with firm characteristics that have a bearing on the importance of information costs, the variability of the optimal price and the sensitivity of profits to non-optimal prices. Menu costs, however, do not seem to play a significant role. JEL Classification: C41, D40, E31information costs, menu costs, multinomial probit, Price stickiness, survey data

Why are some prices stickier than others? Firm-data evidence on price adjustment lags

Infrequent price changes at the firm level are now well documented in the literature. However, a number of issues remain partly unaddressed. This paper contributes to the literature on price stickiness by investigating the lags of price adjustments to different types of shocks. We find that adjustment lags to cost and demand shocks vary with firm characteristics, namely the firm’s cost structure, the type of pricing policy, and the type of good. We also document that firms react asymmetrically to demand and cost shocks, as well as to positive and negative shocks, and that the degree and direction of the asymmetry varies across firms. JEL Classification: C41, D40, E31Firm heterogeneity, Panel-ordered probit, real rigidities, survey data

Choosing Between Time and State Dependence: Micro Evidence on Firms' Price-Reviewing Strategies

Thanks to recent findings based on survey data, it is now well known that firms differ from each other with respect to their price-reviewing strategies. While some firms review their prices at fixed intervals of time, others prefer to perform price revisions in response to changes in economic conditions. In order to explain this fact, some theories have been suggested in the literature. However, empirical evidence on the relative importance of the factors determining firms' different strategies is virtually nonexistent. This paper contributes to filling this gap by investigating the factors that explain why firms follow time-, state- or time- and state-dependent price-reviewing rules. We find that firms' strategies vary with firm characteristics that have a bearing on the importance of information costs, the variability of the optimal price and the sensitivity of profits to non-optimal prices. Menu costs, however, do not seem to play a significant role.

Controlo de acessos sistema de credenciação

Os sistemas de controlo de acessos são ferramentas usadas para garantir níveis de segurança, seletividade e controlabilidade no acesso a áreas ou recursos privados minimizando constrangimentos provocados por inspeções. O Aeroporto Francisco Sá Carneiro é uma infraestrutura composta por vários edifícios, com áreas de acesso restrito caracterizadas por diversas especificidades. Para fazer a gestão de acessos, alguns edifícios estão equipados com sistemas de controlo automáticos para rastreio de pessoas e viaturas, noutros existe um elemento humano a desempenhar essa tarefa. Operacionalmente, no Aeroporto são usados conjuntos de ferramentas de software, desenvolvidas por várias entidades e em períodos de tempo diferentes que sustentam os procedimentos relacionados com o controlo de acessos. Por questões de suporte das aplicações, questões de inclusão de novas funcionalidades e adaptação a exigências do dia-a-dia, pretende-se substituir as várias ferramentas atuais por uma plataforma única que agregue a satisfação de todas as necessidades decorrentes do processo de controlo de acessos e de credenciação de pessoas e viaturas. Este documento de dissertação descreve o estudo, o projeto e a implementação de um protótipo funcional da nova plataforma de software de controlo de acessos para o Aeroporto Francisco Sá Carneiro

FEUPowerTool : ferramanta pedagógica para manobras em subestações

Tese de mestrado integrado. Engenharia Electrotécnica e de Computadores (Major Automação). Faculdade de Engenharia. Universidade do Porto. 201

An annotated list of Symmachia Hübner, [1819] (Lepidoptera: Riodinidae: Symmachiini) from Parque Nacional da Serra do Divisor, Acre, Brazil, with the description of a new species

We provide an illustrated list of species belonging to the genus Symmachia Hübner, [1819] (Lepidoptera: Riodinidae: Symmachiini) collected during an expedition conducted between September 10-21, 2011 in the northern part of the Parque Nacional da Serra do Divisor, Acre, Brazil, a remote region of Amazon rainforest. A total of 46 individuals were collected belonging to 15 species. For all recorded species, drawings of male genitalia and behavioral information are provided to support future studies on the taxonomy of the group. A new species, Symmachia divisora Dolibaina and Leite, sp. nov., is described, and a revised status for Symmachia hetaerina hesione Stichel, 1910, stat. rev., is proposed.Fornecemos a lista ilustrada das espécies pertencentes ao gênero Symmachia Hübner, [1819] (Lepidoptera: Riodinidae: Symmachiini) coletadas durante uma expedição entre os dias 10-21 de setembro de 2011 na porção norte do Parque Nacional da Serra do Divisor, Acre, Brasil, uma remota região de Floresta Amazônica. Ao total foram coletados 46 indivíduos pertencentes a 15 espécies. Para todas as espécies registradas são fornecidos desenhos da genitália masculina e informações de comportamento, com a finalidade de subsidiar futuros trabalhos sobre a taxonomia do grupo. Uma nova espécie, Symmachia divisora Dolibaina and Leite, sp. nov., é descrita, assim como é proposto um status revalidado para Symmachia hetaerina hesione Stichel, 1910, stat. rev.

Why Are Some Prices Stickier Than Others? Firm-Data Evidence on Price Adjustment Lags

Infrequent price changes at the firm level are now well documented in the literature. However, a number of issues remain partly unaddressed. This paper contributes to the literature on price stickiness by investigating the lags of price adjustments to different types of shocks. We find that adjustment lags to cost and demand shocks vary with firm characteristics, namely the firm’s cost structure, the type of pricing policy, and the type of good. We also document that firms react asymmetrically to demand and cost shocks, as well as to positive and negative shocks, and that the degree and direction of the asymmetry varies across firms.