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Professor Howard Smith, Oxford University
Tuesday 13 March 2018, 17:00-18:00
Competition in a Differentiated Product Market with Individualized Pricing: The Case of the UK Brick Industry
- đ¤ Speaker: Professor Howard Smith, Oxford University
- đ Date & Time: Tuesday 13 March 2018, 17:00 - 18:00
- đ Venue: W2.02, Cambridge Judge Business School
Abstract
In many competitive markets the seller sells the product at an individualised price specific to the buyer. This is a particular feature of markets where buyers preferences are well known to the sellers. We study price determination in a market where products are differentiated by geographic location as well as by product characteristics. Using a data set of transactions from the UK brick industry, we estimate a model with individualised prices. We analyse the effect of bargaining skill, location, and transaction size on prices. In counterfactual analysis, we measure the welfare impact of prohibiting individualised price discrimination, and we analyse the effects of mergers when there is individualised pricing.
Series This talk is part of the Economics & Policy Seminars, CJBS series.
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