The General Theory of Household and Market Contingent Demand
AbstractThis paper examines the theory of contingent demand for price-setting firms when some firms may choose not to satisfy all de mand for their output. The paper develops the theory of household con tingent demand using the theory of effective demand developed by Benn assy (1978). Using the Slutsky decomposition, the author finds that t he income effect is weaker for contingent demand than for the Marshal lian demand. At the level of the market, the rationing regime operati ng for lower-priced sellers is crucial. Under a random first-come-fir st-served scheme, contingent demand for higher-priced sellers is nons tochastic if households have homothetic preferences. Copyright 1987 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 55 (1987)
Issue (Month): 3 (September)
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- Furth, D. & Kovenock, D., 1990.
"Price Leadership In A Duopoly With Capacity Constraints And Product Differentiation,"
Purdue University Economics Working Papers
992, Purdue University, Department of Economics.
- Dave Furth & Dan Kovenock, 1993. "Price leadership in a duopoly with capacity constraints and product differentiation," Journal of Economics, Springer, vol. 57(1), pages 1-35, February.
- Raymond Deneckere & Dan Kovenock, 1988.
773, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Rees, Ray, 1993. "Collusive Equilibrium in the Great Salt Duopoly," Munich Reprints in Economics 3413, University of Munich, Department of Economics.
- John Bennett & Huw Dixon & Helen X.Y. Hu, 2008. "The Effects of Reforming the Chinese Dual-Track Price System," CEDI Discussion Paper Series 08-14, Centre for Economic Development and Institutions(CEDI), Brunel University.
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