Pandemic grocery prices shot up like a rocket and fell like a feather, even after supplies recovered
According to research by Professor of Agribusiness Timothy Richards, shoppers pay close attention to prices as they go up but tune out as prices fall.
According to research by Professor of Agribusiness Timothy Richards, shoppers pay close attention to prices as they go up but tune out as prices fall.
In this story published Aug. 7, 2020, on ABC News:
We used to think this was due to retailers’ market power — they do it because they can get away with it. But now we know it is more likely due to search dynamics — people just don’t search as much when prices are falling, so retailers don’t need to reduce them as fast.
– Timothy Richards, Marvin and June Morrison Chair in Agribusiness
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