Asset price volatility is an enduring feature of financial time series and a striking anomaly for dynamic general equilibrium models of asset pricing with homogeneous consumers. Campbell (2002), for instance, finds that diversified stock portfolios undergo large movements in returns relative to observed changes in the growth rates of dividends and aggregate consumption.
The puzzling nature of the co–movement between aggregate consumption growth and the price–dividend ratio has led researchers to non–standard assumptions about the representative household’s utility function like strong habit persistence, as in Constantinides (1990) and Campbell and Cochrane (1999) and other forms of extremely poor substitutability of consumption at different date–state events.
The marketing, economics, and operations management literatures have recognized many ways in which a firm can price discriminate. Examples include product line pricing (e.g. BMW 3 and 5 series), damaged goods (e.g., Intel 486 SX and DX), intertemporal pricing (e.g. Talbot’s semi-annual sale), service queues (e.g. priority customer support), advance purchase discounts (e.g. airline, rail and hotel tickets), and coupons (e.g. FSI inserts).
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