An Alternative View of Pricing in Retail Food Markets
1985
Benson, Bruce L. | Faminow, M. D.
The pricing mechanism of intracity retail food markets has received the attention of agricultural economists who are interested in the competitive nature of food price determination. Attention has focused on the information‐theory paradigm and potential impact of publically available comparative price reports. In this paper, a spatial economic model is developed to describe and analyze consumer choice, seller behavior, and price determination in retail food markets. Empirical evidence is then used to test hypotheses developed from the spatial model. It is concluded that the spatial model offers added explanatory power of observed food market responses to retail price reporting.
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