We propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process …-36 Abstract We propose a new reference price framework for brand choice. In this frame- work, we employ a Markov-switching process …. Keywords Reference price, brand choice, Markov-switching process, household scanner panel data. JEL Classi cation C25, C51, C53 …

estimation. We employ a Markov Switching process to identify the low and high volatility regimes in Pakistan’s financial market …