报告题目 | Does Sunk Cost Affect Prices? Evidence from the U.S. Airline Industry | ||
报告人（单位） | 刘其宏 教授（俄克拉荷马大学大学） | ||
点评人（单位） | 刘修岩教授 （东南大学） | 点评人（单位） | 高彦彦副教授 （东南大学） |
会议地点 | 2021年10月25日（周一）上午9:30 腾讯会议ID：388 109 298 | ||
报告人简介 | |||
刘其宏是美国俄克拉荷马大学经济系正教授（终身教职）。于2003年纽约州立大学获得经济学博士学位。其主要研究领域是平台和双边市场、航空业和定价策略。曾在Review of Economics and Statistics, Strategic Management Journal, Marketing Science, European Economic Review, American Journal of Agricultural Economics, Canadian Journal of Economics, International Journal of Industrial Organization, Journal of Economics & Management Strategy, Journal of Industrial Economics等刊物上发表30篇论文。他的研究被Bloomberg, Forbes, Harvard Business Review, Insider Higher Ed, Kellogg Insight, MorningStar 和Wall Street Journal等主流媒体引用。现任Information Economics and Policy杂志副主编，Journal of Media Economics杂志编委。担任留美经济学会候任主席（2021-2022），曾任China Economic Review杂志特刊特邀编辑。 | |||
报告内容提要 | |||
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 U.S. airlines, where fuel hedging leads to lump sum gain or loss which is sunk to airlines’ pricing decisions. Our results show that the (sunk) hedging gain or loss affects airlines’ ticket prices. In particular, a 10% reduction in the reported fuel cost (due to hedging gain) leads to a 2.2% reduction in ticket prices. Moving onto non-price decisions, we find that hedging gain leads airlines to use larger aircrafts and reduce airtime of their flights, but has no impacts on the number of routes and flights which airlines operate. Our results provide empirical evidence that fixed/sunk costs can affect firms’ price and non-price decisions, establish a link between financial market and product market competition, and have important welfare/policy and managerial implications. | |||
