| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Uncertainty and Risk-aversion in a Dynamic Oligopoly with Sticky Prices |
| Edilio Valentini; Paolo Vitale
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| 发表日期 | 2019
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| 出处 | Economic Theory
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| 出版年 | 2019
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| 语种 | 英语
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| 摘要 | In this paper we present a dynamic discrete-time model that allows to investigate the impact of risk-aversion in an oligopoly characterized by a homogeneous non-storable good, sticky prices and uncertainty. Our model nests the classical dynamic oligopoly model with sticky prices by Fershtman and Kamien (Fershtman and Kamien, 1987), which can be viewed as the continuous-time limit of our model with no uncertainty and no risk-aversion. Focusing on the continuous-time limit of the infinite horizon formulation we show that the optimal production strategy and the consequent equilibrium price are, respectively, directly and inversely related to the degrees of uncertainty and risk-aversion. However, the effect of uncertainty and risk-aversion crucially depends on price stickiness since, when prices can adjust instantaneously, the steady state equilibrium in our model with uncertainty and risk aversion collapses to Fershtman and Kamien’s analogue.
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Suggested citation: Valentini, E., P. Vitale (2018), 'Uncertainty and Risk-aversion in a Dynamic Oligopoly with Sticky Prices', Nota di Lavoro 3.2019, Milano, Italy: Fondazione Eni Enrico Mattei. |
| 特色分类 | D8;D81;L13
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| 关键词 | Uncertainty
Risk-aversion
Dynamic Oligopoly
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/uncertainty-and-risk-aversion-in-a-dynamic-oligopoly-with-sticky-prices/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/118611
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推荐引用方式
GB/T 7714 |
Edilio Valentini,Paolo Vitale. Uncertainty and Risk-aversion in a Dynamic Oligopoly with Sticky Prices. 2019.
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