日光成本会影响价格吗?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
{"title":"日光成本会影响价格吗?来自美国航空业的证据","authors":"Long Shi,&nbsp;Qihong Liu,&nbsp;Myongjin Kim","doi":"10.1111/jems.12554","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":47931,"journal":{"name":"Journal of Economics & Management Strategy","volume":"33 4","pages":"801-824"},"PeriodicalIF":1.2000,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Does sunk-cost affect prices? Evidence from the US airline industry\",\"authors\":\"Long Shi,&nbsp;Qihong Liu,&nbsp;Myongjin Kim\",\"doi\":\"10.1111/jems.12554\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>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.</p>\",\"PeriodicalId\":47931,\"journal\":{\"name\":\"Journal of Economics & Management Strategy\",\"volume\":\"33 4\",\"pages\":\"801-824\"},\"PeriodicalIF\":1.2000,\"publicationDate\":\"2023-06-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Economics & Management Strategy\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jems.12554\",\"RegionNum\":4,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economics & Management Strategy","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jems.12554","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

摘要

与有关个人行为偏差的大量文献相比,有关公司行为偏差的研究相对较少。我们以美国的航空公司为背景,探讨了后者的可能性,因为燃油套期保值导致的一次性收益或损失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)套期保值收益或损失会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每降低 10%(由于套期保值收益),机票价格就会降低 2.2%。在非价格决策方面,我们发现套期保值收益导致航空公司使用更大的飞机和减少航班的飞行时间,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固定/沉没成本会影响企业价格和非价格决策的经验证据,建立了金融市场和产品市场竞争之间的联系,并具有重要的福利/政策和管理意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
Does sunk-cost affect prices? Evidence from the US airline industry

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.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
3.20
自引率
5.30%
发文量
43
期刊最新文献
Issue Information Vertical mergers without foreclosure Dynamic competition for customer memberships Forward contracting and the endogenous activity of heterogeneous firms On fraud and certification of green production
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1