This paper presents evidence on the amount of price rigidity that exists in individual transaction prices.Using the Stigler-Kindahi data, I examine the behavior of individual buyers' prices for certain products used in manufacturing.My most important findings are: I interpret the findings as evidence that it is erroneous to focus attention on price as the exclusive mechanism to allocate resources.Nonprice rationing is not a fiction, it is a reality of business and may be the efficient response to economic uncertainty.
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