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Fixprice Competition

In: The Entrepreneurial Factor in Economic Growth

Author

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  • Harold Lydall

Abstract

Under conditions of either perfect or semi-perfect competition goods and services are, in effect, sold at auction to the highest bidder. Services have scarcely ever been sold like that; and, even in medieval times, most artisan products were sold in a different fashion. In modem industrialized economies only a very small proportion of total output — at most about 10–20 per cent — is sold by auction. The great bulk of products is sold at prices fixed by their producers or sellers. I have borrowed from Professor Hicks the term ‘fixprice’ to describe this type of market.

Suggested Citation

  • Harold Lydall, 1992. "Fixprice Competition," Palgrave Macmillan Books, in: The Entrepreneurial Factor in Economic Growth, chapter 4, pages 36-48, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-230-37446-1_4
    DOI: 10.1057/9780230374461_4
    as

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