A differential oligopoly game with differentiated goods and sticky prices
A differential oligopoly game with differentiated goods and sticky prices
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DOI：
10.1016/j.ejor.2005.09.013
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发表时间：
2007-01-16
影响因子：
6.4
通讯作者：
Larnbertini, Luca
中科院分区：
文献类型：
--
作者：
Cellini, Roberto;Larnbertini, Luca
我们研究了动态寡头垄断游戏，其中商品具有差异化且价格具有粘性。我们研究了开环和闭环无记忆纳什均衡，并表明与前者相比，后者的稳态生产水平更高；这两种均衡都需要比静态博弈更高的稳态生产水平。我们还研究了价格粘性和产品差异化对稳态均衡分配和利润的影响。每个企业的均衡产出在产品差异化和价格粘性方面都在增加，而利润在产品差异化和价格调整速度方面都在增加。稳态社会福利随着价格调整的速度单调增加，动态竞争带来的生产过剩从社会角度来看是有利的。 (c) 2005 Elsevier B.V. 保留所有权利。
We investigate a dynamic oligopoly game where goods are differentiated and prices are sticky. We study the open-loop and the closed-loop memoryless Nash equilibrium, and show that the latter equilibrium entails a larger level of steady state production as compared to the former; both equilibria entail a larger level of production in steady state than the static game. We also study the effects of price stickiness and product differentiation upon the steady state equilibrium allocation and profits. The per-firm equilibrium output is increasing in both product differentiation and price stickiness, while profits are increasing in both product differentiation and the speed of price adjustment. The steady state social welfare monotonically increases in the speed of price adjustment, and the overproduction entailed by dynamic competition has beneficial effect from a social standpoint. (c) 2005 Elsevier B.V. All rights reserved.