G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1263
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
URLhttps://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.
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