| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2906 |
| DP2906 Credit, the Stock Market and Oil: Forecasting US GDP | |
| John Muellbauer; Luca Nunziata | |
| 发表日期 | 2001-08-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We compare steady states of open loop and locally stable Markov perfect equilibria (MPE) in a general symmetric differential game duopoly model with costs of adjustment. Strategic incentives depend on whether an increase in the state variable of a firm hurts or helps the rival and on whether there is intertemporal strategic substitutability or complementarity at the MPE. Furthermore, we characterize completely strategic incentives in the linear-quadratic specification of the model and find that when production (price) is costly to adjust there is intertemporal strategic substitutability (complementarity) and the steady state of the Markov perfect equilibrium is more (less) competitive than the steady state of the open-loop equilibrium, which coincides with the static outcome. In particular, in a differentiated product duopoly market with price competition and costly production adjustment the leadership attempts by each firm turn into Stackelberg price warfare yielding a MPE steady state outcome more competitive than static Bertrand competition. The static strategic complementarity in the price game is turned into intertemporal strategic substitutability. |
| 主题 | Industrial Organization |
| 关键词 | Differential game Adjustment costs Product differentation Markov perfect equilibrium Open-loop equilibrium Cournot Bertrand Stackelberg warfare point |
| URL | https://cepr.org/publications/dp2906 |
| 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/531946 |
| 推荐引用方式 GB/T 7714 | John Muellbauer,Luca Nunziata. DP2906 Credit, the Stock Market and Oil: Forecasting US GDP. 2001. |
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