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Prices that end with 9, also known as psychological price points, are common, comprising about 70% of the retail prices. They are also more rigid than other prices. We take advantage of a natural experiment to document an emergence of a new price ending that has the same effects as 9-endings. In January 2014, the Israeli government passed a new regulation prohibiting the use of non 0-ending prices,...
•Using US county-level data with 1921 cross-sectional observations.•Estimate conditional convergence rates for 22 US states separately.•Average convergence rate is 9.2%.•Range includes estimates of 3.3% (New York); 19.9% (California).•Estimated convergence rates essentially uncorrelated with income levels.
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