沉没成本会影响价格吗?来自美国航空业的证据

IF 1.2 4区 管理学 Q3 ECONOMICS Journal of Economics & Management Strategy Pub Date : 2023-06-29 DOI:10.1111/jems.12554
Long Shi, Qihong Liu, Myongjin Kim
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引用次数: 0

摘要

与大量关于个体行为偏差的文献相比,关于企业行为偏差的研究相对较少。我们在美国航空公司的背景下探讨了后者的可能性,其中燃油套期保值会导致一次性收益或损失,这可能会影响航空公司的定价决策。我们的研究结果表明,(沉没)对冲收益或损失影响航空公司的机票价格。特别是,航空公司报告的燃油成本(由于对冲收益)降低10%,机票价格就会降低2.2%。转向非价格决策,我们发现对冲收益导致航空公司使用更大的飞机并减少其航班的飞行时间,但对航空公司运营的航线和航班数量没有影响。我们的研究结果提供了实证证据,证明固定/沉没成本可以影响企业的价格和非价格决策,在金融市场和产品市场竞争之间建立联系,并具有重要的福利/政策和管理意义。
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Does sunk‐cost affect prices? Evidence from the US airline industry
Abstract In contrast to the extensive literature on behavior bias by individuals, studies on behavior bias by firms have been relatively scarce. We explore the possibility of the latter in the context of US airlines, where fuel hedging leads to lump sum gains or losses which may impact airlines' pricing decisions. Our results show that the (sunk) hedging gains or losses affect airlines' ticket prices. In particular, a 10% reduction in airlines' reported fuel costs (due to hedging gains) leads to a 2.2% reduction in ticket prices. Moving onto nonprice decisions, we find that hedging gains lead airlines to use larger aircraft and reduce the airtime of their flights, yet have no impact on the number of routes and flights which the airlines operate. Our results provide empirical evidence that fixed/sunk costs can affect firms' prices and nonprice decisions, establish a link between financial market and product market competition, and have important welfare/policy and managerial implications.
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来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
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