Magazine prices revisited
重新考察杂志价格调整
Abstract This paper examines price adjustment behaviour in the magazine industry. In a frequently cited study, Cecchetti ( 1986 ) constructs a reduced‐form ( S, s ) model for firms. Cecchetti assumes that a firm's pricing rules are fixed for non‐overlapping three‐year intervals and estimates the model using a conditional logit specification from Chamberlain ( 1980 ). The estimates are inconsistent, however, due to the duration‐dependent specification of the model. Two…