Risk aversion, exchange-rate uncertainty, and the law of one price: insights from the market for online air-travel tickets

被引：3

作者：

Arghyrou, Michael G. ^{[1
]}

Gregoriou, Andros ^{[2
]}

Pourpourides, Panayiotis M. ^{[1
]}

机构：

[1] Cardiff Univ, Cardiff Business Sch, Cardiff, S Glam, Wales

[2] Bournemouth Univ, Bournemouth Business Sch, Poole BH12 5BB, Dorset, England

来源：

CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE | 2011年 / 44卷 / 03期

关键词：

PURCHASING-POWER PARITY; RATE DYNAMICS; TO-MARKET; PUZZLES; PPP; ECONOMICS;

D O I：

10.1111/j.1540-5982.2011.01659.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We argue that risk aversion driven by exchange-rate uncertainty causes a wedge between the domestic and foreign prices of a homogeneous good. We test our hypothesis using a unique micro-data set from a market with minimum imperfections. The empirical findings validate our hypothesis, as accounting for exchange-rate uncertainty we are able to explain a significant proportion of deviations from the law of one price. Overall, our analysis suggests the possibility of a new solution to the purchasing power parity puzzles. JEL classification: F31, F41

引用

页码：880 / 906

页数：27

共 31 条

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