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Waterson, Michael, 1950- (2003) Consumers and competition. Working Paper. University of Warwick, Department of Economics, Coventry.
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Official URL: http://www2.warwick.ac.uk/fac/soc/economics/resear...
Abstract
This paper shows that even if all consumers face search costs, if these are below a certain level dependent upon the firm numbers and demand elasticity, the Diamond-type equilibrium with all prices at the monopoly level fails to exist.
| Item Type: | Working or Discussion Paper (Working Paper) |
|---|---|
| Subjects: | H Social Sciences > HF Commerce |
| Divisions: | Faculty of Social Sciences > Economics |
| Library of Congress Subject Headings (LCSH): | Consumer behavior, Pricing -- Mathematical models, Equilibrium (Economics) |
| Series Name: | Warwick economic research papers |
| Publisher: | University of Warwick, Department of Economics |
| Place of Publication: | Coventry |
| Date: | May 2003 |
| Number: | No.679 |
| Number of Pages: | 14 |
| Status: | Not Peer Reviewed |
| Access rights to Published version: | Open Access |
| References: | Anderson, S.P. and Renault, R., 1999, Pricing, product diversity and search costs: a Bertrand-Chamberlin-Diamond model, RAND Journal of Economics, 30, 719-735. Carlton, D.W and J.M. Perloff, 2000, Modern Industrial Organization (3rd ed.) (Addison Wesley: Reading MA). Diamond, P., 1971, A model of price adjustment, Journal of Economic Theory, 3, 156-68. Domberger, S. and Sherr, A., 1989, The Impact of Competition on Pricing and Quality of Legal Services, International Review of Law and Economics, 9, 41-56. Hehenkamp, B, 2002, Sluggish consumers: An evolutionary solution to the Bertrand Paradox, Games and Economic Behavior, 40, 44-76. Monopolies and Mergers Commission, 1976, Services of Solicitors in England and Wales, HCP 557, (HMSO: London). Rees, R., 1993, Collusive equilibrium in the great salt duopoly, Economic Journal, 103, 833-848. Stahl, D., 1989, Oligopolistic pricing with sequential consumer search, American Economic Review, 79, 700-712. Supreme Court, 1976, Bates v. State Bar of Arizona, No. 76- 316, 433 US, pp. 350-405. |
| URI: | http://wrap.warwick.ac.uk/id/eprint/33 |
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