A Note on Restaurant Pricing and Other Examples of Social Influences on Price

Datos Bibliográficos

ID10173458
AutoresGary S Becker (University of Chicago, autor de correspondencia)
Año1991
Volumen99
Número5
Páginas1109-1116
Fecha de publicación1991-10-01
Peer ReviewedSí
Open AccessNo
TipoARTICLE
RevistaJournal of Political Economy (JOURNAL)
Identificadores de la revistaISSN: 0022-3808 • E-ISSN: 1537-534X
EditorialUniversity of Chicago Press (PUBLISHER • US)
DOI10.1086/261791
OpenAlexW1982821891
IdiomaEN
Citas recibidas95
Referencias citadas4

This note tries to explain why many successful restaurants, plays, sporting events, and other activities do not raise prices even with persistent excess demand. The authors approach assumes that demand by a typical consumer is positively related to quantities demanded by other consumers. This can explain not only the puzzle about prices, but also why consumer demand is often fickle, why it is much easier to go from being "in" to being "out" than from "out" to "in," and why supply does not increase to reduce the excess demand. Copyright 1991 by University of Chicago Press

Consumer demand · Economics · Excess supply · Microeconomics · Supply and demand · Consumer Market Behavior and Pricing · Economic theories and models · Economics of Agriculture and Food Markets