| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1263 |
| DP1263 Price Volatility and Futures Margins | |
| Gikas Hardouvelis; Dongcheol Kim | |
| 发表日期 | 1995-11-30 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | We develop a model of search among substitutes for the best combination of commodity variant and price, in which the structure of search costs can be manipulated by the suppliers of these variants, e.g. by joining an existing market or opening a new one. We analyse the subgame perfect equilibria arising in a multistage game involving specialized firms' choice of entry, variant and price; and compare them to a multiproduct monopolist's optimal choice. Together with the existence and uniqueness of (symmetric) equilibria we show that equilibrium prices increase in the number of substitutes sold in one market, and that a monopolist selling the same number of variants charges lower prices. The monopolist will also end up selling at least as much variety. Hence, in the situation considered here, monopoly tends to increase welfare. |
| 主题 | Industrial Organization |
| 关键词 | Information Monopoly Oligopoly Search |
| URL | https://cepr.org/publications/dp1263 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530405 |
| 推荐引用方式 GB/T 7714 | Gikas Hardouvelis,Dongcheol Kim. DP1263 Price Volatility and Futures Margins. 1995. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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