| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP6947
|
| DP6947 Central Bank Misperceptions and the Role of Money in Interest Rate Rules |
| Volker Wieland; Günter Beck
|
| 发表日期 | 2008-08-23
|
| 出版年 | 2008
|
| 语种 | 英语
|
| 摘要 | We investigate the effect of competition on quality in regulated markets (e.g., health care, higher education, public utilities), using a Hotelling framework, in the presence of sluggish demand. We take a differential game approach, and derive the open-loop solution (providers commit to an optimal investment plan at the initial period) and the feedback closed-loop solution (providers move investments in response to the dynamics of the states). If the marginal cost of provision is increasing, the steady state quality is higher under the open-
loop solution than under the closed-loop solution. Fiercer competition (lower transportation costs and/or less sluggish demand) leads to higher quality in both solutions, but the quality response to increased competition is weaker when players use closed-loop strategies. In both solutions, quality and demand move in opposite directions over time on the equilibrium path to the steady state. |
| 主题 | Industrial Organization
|
| 关键词 | Competition
Quality
Regulated markets
|
| URL | https://cepr.org/publications/dp6947
|
| 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/535784
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推荐引用方式
GB/T 7714 |
Volker Wieland,Günter Beck. DP6947 Central Bank Misperceptions and the Role of Money in Interest Rate Rules. 2008.
|
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