Hastings, Hortacsu, and Syverson use a model of this practice to explain high profit margins for Mexican private pension conduits in which this practice is itself a good that is complementary with its subject in consumers' utility.
Hastings, Hortacsu, and Syverson use a model of this practice to explain high profit margins for Mexican private pension conduits in which this practice is itself a good that is complementary with its subject in consumers' utility. That model of this phenomenon was developed by Becker and Murphy to explain why this is observed, even when it cannot be informative--as was pointed out in a seminal paper by Peter Diamond that overturned the account of this phenomenon offered by Stigler--because in a general equilibrium with uniform search costs, all sellers charge the monopoly price. Milyo and Waldfogel use a natural experiment in which a prohibition on this practice was ruled unconstitutional by the Supreme Court case 44 Liquormart v. Rhode Island to examine its effect on price dispersion, and J.K. Galbraith argued that this practice serves only to "manufacture demand." FTP, what is this practice, of which Edward Bernays developed one example by calling cigarettes "Torches of Freedom" in a bid to get women to start smoking?
Hastings, Hortacsu, and Syverson use a model of this practice to explain high profit margins for Mexican private pension conduits in which this practice is itself a good that is complementary with its subject in consumers' utility.
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