Belief-dependent pricing decisions

Frache, Serafín; Lluberas, Rodrigo; Turen, Javier

dc.rights.license	Attribution-NonCommercial-NoDerivatives 4.0 Internacional	*
dc.contributor.author	Frache, Serafín
dc.contributor.author	Lluberas, Rodrigo
dc.contributor.author	Turen, Javier
dc.date.accessioned	2026-05-12T18:35:19Z
dc.date.available	2026-05-12T18:35:19Z
dc.date.issued	2021	es
dc.identifier.uri	https://hdl.handle.net/20.500.12806/2830
dc.format.extent	35 p	es
dc.format.mimetype	text/plain	es
dc.language	eng	es
dc.publisher	Universidad de Montevideo, Facultad de Ciencias Empresariales y Economía	es
dc.rights	Abierto	es
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	*
dc.title	Belief-dependent pricing decisions	es
dc.type	Documento de trabajo	es
dc.type.version	Publicada	es
dc.description.abstractenglish	This paper studies the efects of inflation and idiosyncratic cost expectations on firms' price-adjusting decisions. Evidence of price-settings frictions using micro data has been studied through the lens of both time-dependent and state-dependent models. Using data from a unique survey, we argue that price-adjustment decisions are also belief-dependent. While controlling for time- and state-dependent factors, we find that, for the extensive margin of price-changes, expectations of inflation do not play any role, but firms' beliefs about their overall costs do. The expectation channel is, however, heterogeneous across firms, driven exclusively by large companies, and operates with a delay. Nonetheless, when looking at firms' beliefs about the intensive margin of price-changes, besides costs, the relevance of current inflation expectations is recovered. Our evidence supports the presence of price rigidities at the firm level but is also consistent with theories of limited attention.	es
dc.subject.keyword	Inflation expectations	es
dc.subject.keyword	Cost expectations	es
dc.subject.keyword	Firm surveys	es
dc.subject.keyword	Price adjustments	es

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