{"product_id":"price-setting-truman-f-bewley-9781509565764","title":"Price Setting","description":"The prices of some products fluctuate dramatically, while others remain more constant. What accounts for these extreme differences?\u003cbr\u003e \u003cbr\u003e Renowned economist Truman F. Bewley investigates and elucidates this puzzling problem. Its crux, he argues, is that differentiated product prices are usually stable, whereas the prices of undifferentiated products - for which buyers can easily find comparable substitutes - are often volatile. Although product differentiation gives producers market power, this power alone does not guarantee price stability. There are nearly undifferentiated products whose producers have market power yet for which prices are unstable. Weakness of product differentiation makes it so advantageous for producers to compete on price that they do so and forego the benefits and stability of price collusion. Producers of truly differentiated goods prefer to compete on product performance rather than price and find that reducing prices during recessions does little to increase demand.\u003cbr\u003e \u003cbr\u003e Based on hundreds of interviews with businesspeople responsible for setting prices, Bewley's book is an unusual and groundbreaking work, with findings vital for economists, students, and policymakers.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Truman F. Bewley\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 1509565760\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9781509565764\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Polity Press\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 08\/19\/2025\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 224\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover","brand":"Truman F. Bewley","offers":[{"title":"Hardcover","offer_id":47136463356159,"sku":"9781509565764","price":45.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_42497abb-c8e0-4f04-ad77-94d8018d4e45.jpg?v=1755023419","url":"https:\/\/www.whiterainbookhouse.com\/products\/price-setting-truman-f-bewley-9781509565764","provider":"WR Book House","version":"1.0","type":"link"}