search query: @author Peck, J. / total: 3
reference: 3 / 3
« previous | next »
| Author: | Peck, J. |
| Title: | Competition in transactions mechanisms: The emergence of price competition |
| Journal: | Games and Economic Behavior
1996 : SEP, VOL. 16:1, p. 109-123 |
| Index terms: | CONSUMERS COMPETITION TRANSACTIONAL ANALYSIS |
| Language: | eng |
| Abstract: | This paper models competition between firm/market-makers. There are two goods, a divisible numeraire and an invisible good, produced by firms. The set of active consumers is random; all consumers are identical, conditional on arriving at the market. First, firms produce output (equivalently, install capacity) and commit to a transactions mechanism. Next, nature chooses the set of consumers at the market, and each active consumer commits to visit a single firm. All equilibria involve all firms choosing a fixed price. Thus, price competition is derived, not assumed. |
« previous | next »
SCIMA