Analyzing Factors Affecting U.S. College Textbook Prices: An ARDL Cointegration Approach
Allen Molina () and
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Allen Molina: Department of Economics, University of Alaska Fairbanks, Fairbanks, AK 99775, USA
Review of Economics & Finance, 2015, vol. 5, 35-42
The short-run and long-run effects of the input prices, the firm profits, the income, the enrollment and the market shocks on the U.S. textbook price are investigated using the ARDL approach to cointegration. The results show that, in the long-run, supply factors such as input prices and firm profits are more important than demand factors such as income and enrollment in determining the price of textbooks in the U.S. In the short-run, on the other hand, both the demand factors and supply factors are found to be significant determinants of the price of textbooks. Finally, it is found that the market shocks such as the 2008 Higher Opportunity Act and the Great Recession seem to depress price of textbooks in both the short-run and long-run.
Keywords: ARDL; Cointegration; Prices; Textbooks; United States (search for similar items in EconPapers)
JEL-codes: C22 I20 (search for similar items in EconPapers)
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