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- Title
A Model of Stochastic Equilibrium in a Quasi-Competitive Industry.
- Authors
Sutton, John
- Abstract
Considerable attention has been devoted in recent years to the study of markets which are quasi-competitive in the sense that they retain the notion of a large number of firms selling a homogeneous product, but depart from perfect competition in relaxing the assumption that consumers are perfectly informed as to the prices of the various firms. The initial surge of interest in this type of model was motivated by the need, first noted by Arrow (1956), to deal with the firm, even in a competitive environment, as a price setter, in order adequately to tackle the analysis of disequilibrium behaviour. Thus early work in the field, beginning with Fisher ((1970), (1972), (1973)) focussed on the question of whether an initial market distribution of prices would, over time, converge to a unique equilibrium price.
- Subjects
STOCHASTIC analysis; STOCHASTIC processes; CONSUMERS; ECONOMIC equilibrium; PRICING; SUPPLY &; demand; ECONOMICS; COMPETITION; COMMERCE
- Publication
Review of Economic Studies, 1980, Vol 47, Issue 4, p705
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2296937