This research deductively develops a model of both in-store price search and store deal proneness drawing on hedonic and utilitarian value creation. Based on a sample of 535 US grocery shoppers, the model reveals that in-store price search and store deal proneness share many of the same drivers, amongst these, the value of time being the most important. The opportunity cost of time engaged in price search is explained in terms of shoppers' financial pressures and role construction as price mavens. Price mavenism influences store deal proneness directly due to its capacity to yield the price information required to build and maintain a role identity, and indirectly through its effect on the opportunity cost of time engaged in price search. The primary implication of the research is that the relationship between time, search, and price mavenism may be best explored by viewing price knowledge, the basis for identity maintenance, as a flow rather than a stock.
In this paper we investigate the source of Irish real and nominal exchange rate movements during the Exchange Rate Mechanism period. A restricted vector autoregression is employed to decompose Irish pound exchange rate movements into changes due to real and nominal factors, for three bilateral exchange ratesösterling^Irish pound, mark^Irish pound and dollar^Irish pound. The pattern of nominal exchange rate overshooting in response to nominal shocks and the relative importance of nominal shocks as drivers of nominal exchange rates di¡er between the £exible regime (sterling^Irish pound and dollar^Irish pound) and the target zone arrangement (mark^Irish pound). In contrast real shocks predominantly explain variations in real exchange rates and are independent of the exchange rate regime.
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