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Simultaneous Price Competition

In: Industrial Organization

Author

Listed:
  • Pak-Sing Choi

    (National Central University)

  • Eric Dunaway

    (Wabash College)

  • Felix Munoz-Garcia

    (Washington State University)

Abstract

This chapter considers similar industries as those we analyzed in Chap. 2 , but assuming that firms compete in prices. In this setting, every firm simultaneously and independently chooses the price for its product. When firms sell a homogeneous good (such as the same cereal variety, cement, or other minerals), the firm setting the lowest price captures all sales while all other firms sell zero units. When firms sell heterogeneous goods (such as clothing), the firm setting the lowest price may attract more, but not all customers.

Suggested Citation

  • Pak-Sing Choi & Eric Dunaway & Felix Munoz-Garcia, 2021. "Simultaneous Price Competition," Springer Texts in Business and Economics, in: Industrial Organization, chapter 0, pages 103-151, Springer.
    • Handle: RePEc:spr:sptchp:978-3-030-57284-6_3
    DOI: 10.1007/978-3-030-57284-6_3
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