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Correlated Demand Shocks and Price Wars during Booms

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Author Info
Kandori, Michihiro
Abstract

The supergame-theoretic model of price competition (Rotemberg and Saloner, 1986) is reexamined in the case of serially correlate demand shocks. The equilibrium price is shown to exhibit the same counter-cyclical movement as the i.i.d. case if the discount factor and the number of firms satisfy a certain relationship. Copyright 1991 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 58 (1991)
Issue (Month): 1 (January)
Pages: 171-80
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Handle: RePEc:bla:restud:v:58:y:1991:i:1:p:171-80

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  1. Knittel, Christopher & Lepore, Jason, 2006. "Tacit Collusion in the Presence of Cyclical Demand and Endogenous Capacity Levels," Working Papers 06-31, University of California at Davis, Department of Economics. [Downloadable!]
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  2. Kyle Bagwell & Robert W. Staiger, 1995. "Collusion Over the Business Cycle," Discussion Papers 1118, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  3. Pedro Dal Bó, 2001. "Tacit Collusion under Interest Rate Fluctuations," Theory workshop papers 357966000000000030, UCLA Department of Economics. [Downloadable!]
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  4. Pedro Dal Bo, 2002. "Three Essays on Repeated Games," Levine's Working Paper Archive 618897000000000038, David K. Levine. [Downloadable!]
  5. Bart Wilson, 1998. "What Collusion? Unilateral Market Power as a Catalyst for Countercyclical Markups," Experimental Economics, Springer, vol. 1(2), pages 133-145, September. [Downloadable!] (restricted)
  6. Ruffle, Bradley J., 2009. "When Do Large Buyers Pay Less? Experimental Evidence," MPRA Paper 16683, University Library of Munich, Germany. [Downloadable!]
  7. Yosuke Okada, 2005. "Competition and Productivity in Japanese Manufacturing Industries," NBER Working Papers 11540, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Adriana Cassoni, 1997. "A brief survey on the role of trade unions in labour market," Documentos de Trabajo (working papers) 0697, Department of Economics - dECON. [Downloadable!]
  9. Eriksson, Rickard, 2001. "Price Responses to Seasonal Demand Changes in the Swedish Gasoline Market," Working Paper Series in Economics and Finance 473, Stockholm School of Economics, revised 20 Dec 2001. [Downloadable!]
  10. Switgard Feuerstein, 2005. "Collusion in Industrial Economics—A Survey," Journal of Industry, Competition and Trade, Springer, vol. 5(3), pages 163-198, December. [Downloadable!] (restricted)
  11. Pedro Dal Bó, 2002. "Cooperation Under the Shadow of the Future: Experimental Evidence from Infinitely Repeated Games," Working Papers 2002-20, Brown University, Department of Economics. [Downloadable!]
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  12. Natalia Fabra, 2003. "Collusion with Capacity Constraints over the Business Cycle," Industrial Organization 0308001, EconWPA. [Downloadable!]
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  13. Asplund, Marcus & Eriksson, Rickard & Strand, Niklas, 2001. "Prices, Margins and Liquidity Constraints: Swedish Newspapers 1990-1996," Working Paper Series in Economics and Finance 470, Stockholm School of Economics. [Downloadable!]
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  14. Joseph E. Harrington, Jr, 2005. "Detecting Cartels," Economics Working Paper Archive 526, The Johns Hopkins University,Department of Economics. [Downloadable!]
  15. Chaim Fershtman & Ariel Pakes, 1999. "A Dynamic Oligopoly with Collusion and Price Wars," NBER Working Papers 6936, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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