<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-7202</journal-id>
<journal-title><![CDATA[Estudios Económicos (México, D.F.)]]></journal-title>
<abbrev-journal-title><![CDATA[Estud. Econ. (México, D.F.)]]></abbrev-journal-title>
<issn>0186-7202</issn>
<publisher>
<publisher-name><![CDATA[El Colegio de México A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-72022024000100159</article-id>
<article-id pub-id-type="doi">10.24201/ee.v39i1.450</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Regulation through reference prices]]></article-title>
<article-title xml:lang="es"><![CDATA[Regulación a través de precios de referencia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Salgado-Torres]]></surname>
<given-names><![CDATA[Alfredo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Banco de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2024</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2024</year>
</pub-date>
<volume>39</volume>
<numero>1</numero>
<fpage>159</fpage>
<lpage>201</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-72022024000100159&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-72022024000100159&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-72022024000100159&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: We analyze the role of reference prices on competition and welfare in a circular city model where paying prices above a reference negatively affects consumers&#8217; utility. Agents interact in a three-stage game. First, a policymaker chooses a reference price; second, firms make their entry decision; finally, firms compete in prices while consumers make their consumption decisions. We find that the market price and the optimal reference price always coincide in equilibrium, reducing consumer prices and implying a net welfare gain.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Analizamos el papel de los precios de referencia sobre la competencia y el bienestar en un modelo de ciudad circular donde pagar precios por encima de una referencia afecta negativamente la utilidad del consumidor. Los agentes juegan en tres etapas. Primero, un hacedor de políticas elige un precio de referencia; segundo, las empresas toman su decisión de entrada; finalmente, las empresas compiten en precios y los consumidores deciden su consumo. Se encuentra que, en equilibrio, el precio de mercado y el precio de referencia óptimo siempre coinciden, reduciendo los precios al consumidor e implicando una ganancia neta de bienestar.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[regulation]]></kwd>
<kwd lng="en"><![CDATA[reference prices]]></kwd>
<kwd lng="en"><![CDATA[welfare gains]]></kwd>
<kwd lng="es"><![CDATA[regulación]]></kwd>
<kwd lng="es"><![CDATA[precios de referencia]]></kwd>
<kwd lng="es"><![CDATA[ganancias de bienestar]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Birg]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<source><![CDATA[Pharmaceutical regulation, mandatory substitution, and generic competition]]></source>
<year>2015</year>
<publisher-name><![CDATA[Center for European, Governance and Development Research, Georg-August-Universität Göttingen]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brekke]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Canta]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Straume]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reference pricing with endogenous generic entry]]></article-title>
<source><![CDATA[Journal of Health Economics]]></source>
<year>2016</year>
<volume>50</volume>
<page-range>312-29</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brekke]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Grasdal]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Holmas]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Regulation and pricing of pharmaceuticals: Reference pricing or price cap regulation?]]></article-title>
<source><![CDATA[European Economic Review]]></source>
<year>2009</year>
<volume>53</volume>
<page-range>170-85</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brekke]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Holmas]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Straume]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reference pricing, competition, and pharmaceutical expenditures: Theory and evidence from a natural experiment]]></article-title>
<source><![CDATA[Journal of Public Economics]]></source>
<year>2011</year>
<volume>95</volume>
<numero>7-8</numero>
<issue>7-8</issue>
<page-range>624-38</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chenavaz]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[Dynamic pricing with reference price dependence]]></source>
<year>2016</year>
<publisher-name><![CDATA[Kiel Institute for the World Economy]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kaiser]]></surname>
<given-names><![CDATA[U.]]></given-names>
</name>
<name>
<surname><![CDATA[Mendez]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Ullrich]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Regulation of pharmaceutical prices: Evidence from a reference price reform in Denmark]]></article-title>
<source><![CDATA[Journal of Health Economics]]></source>
<year>2014</year>
<volume>36</volume>
<page-range>174-87</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Koschate-Fischer]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Wullner]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[New developments in behavioral pricing research]]></article-title>
<source><![CDATA[Journal of Business Economics]]></source>
<year>2017</year>
<volume>87</volume>
<page-range>809-75</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Miraldo]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reference pricing and firms&#8217; pricing strategies]]></article-title>
<source><![CDATA[Journal of Health Economics]]></source>
<year>2009</year>
<volume>28</volume>
<page-range>176-7</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Popescu]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dynamic pricing strategies with reference effects]]></article-title>
<source><![CDATA[Operations Research]]></source>
<year>2007</year>
<volume>55</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>413-29</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Putler]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Incorporating reference price effects into a theory of consumer choice]]></article-title>
<source><![CDATA[Marketing Science]]></source>
<year>1992</year>
<volume>11</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>287-309</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Salop]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[monopolistic competition with outside goods]]></article-title>
<source><![CDATA[The Bell Journal of Economics]]></source>
<year>1979</year>
<volume>10</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>141-56</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhou]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Reference dependence and market competition]]></article-title>
<source><![CDATA[Journal of Economics and Management Strategy]]></source>
<year>2011</year>
<volume>20</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1073-97</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
