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| Tekijä: | Deneckere, R. |
| Otsikko: | Demand uncertainty and price maintenance: markdowns as destructive competition |
| Lehti: | American Economic Review
1997 : SEP, VOL. 87:4, p. 619-641 |
| Asiasana: | ECONOMICS DEMAND UNCERTAINTY |
| Kieli: | eng |
| Tiivistelmä: | This paper offers a new theory of destructive competition. The authors compare minimum resale price maintenance (RPM) to retail market-clearing in a model with a monopolistic manufacturer selling to competitive retailers. In both the RPM and flexible-price games, retailers must order inventories before the realization of demand uncertainty. The authors find that manufacturer profits and equilibrium inventories are higher under RPM than under market-clearing. |
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