Dynamic oligopoly with sticky prices: Closed-loop, feedback, and open-loop solutions

被引：53
|
作者：
Cellini, R
Lambertini, L
机构：
[1] Univ Catania, Dipartimento Econ & Metodi Quantitat, I-95129 Catania, Italy
[2] Univ Bologna, Dipartimento Sci Econ, I-40125 Bologna, Italy
来源：
JOURNAL OF DYNAMICAL AND CONTROL SYSTEMS | 2004年 / 10卷 / 03期
关键词：
pricing; differential games; loop decision rules; subgame perfection;
D O I：
10.1023/B:JODS.0000034432.46970.64
中图分类号：
TP [自动化技术、计算机技术];
学科分类号：
0812 ;
摘要：
We investigate a dynamic oligopoly game with price adjustments. We show that the subgame perfect equilibria are characterized by larger output and lower price levels than the open-loop solution. The individual (and industry) output at the closed-loop equilibrium is larger than its counterpart at the feedback equilibrium. Therefore, firms prefer the open-loop equilibrium to the feedback equilibrium, and the latter to the closed-loop equilibrium. The opposite applies to consumers.
引用
收藏
页码：303 / 314
页数：12
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