公平性考量下的定价
Pricing under Fairness Concerns
摘要：
本文提出了一种定价理论，该理论假设顾客不喜欢不公平的价格--由于消费者不观察企业的成本，他们必须从价格中提取成本。该理论假设顾客的推断不那么理性：当价格由于成本增加而上涨时，顾客会部分地将更高的价格错误地归因于更高的加价-他们认为这是不公平的。企业预计到这种反应，并削减他们的价格上涨，这将推动成本传递到价格低于1：价格有点刚性。我们的理论嵌入新凯恩斯主义模型，作为通常的定价摩擦的替代品，产生了货币非中性：当货币政策放松和通货膨胀上升时，客户误认为加价更高，并感到受到不公平对待;公司通过减少加价来减轻这种感知的不公平;在一般均衡中，就业增加。该理论还具有一个混合的短期菲利普斯曲线，现实的脉冲响应的产出和就业的货币和技术冲击，和一个向上倾斜的长期菲利普斯曲线。
英文摘要：
This paper proposes a theory of pricing premised upon the assumptions that customers dislike unfair prices---those marked up steeply over cost---and that firms take these concerns into account when setting prices. Since they do not observe firms' costs, customers must extract costs from prices. The theory assumes that customers infer less than rationally: when a price rises due to a cost increase, customers partially misattribute the higher price to a higher markup---which they find unfair. Firms anticipate this response and trim their price increases, which drives the passthrough of costs into prices below one: prices are somewhat rigid. Embedded in a New Keynesian model as a replacement for the usual pricing frictions, our theory produces monetary nonneutrality: when monetary policy loosens and inflation rises, customers misperceive markups as higher and feel unfairly treated; firms mitigate this perceived unfairness by reducing their markups; in general equilibrium, employment rises. The theory also features a hybrid short-run Phillips curve, realistic impulse responses of output and employment to monetary and technology shocks, and an upward-sloping long-run Phillips curve.
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