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How Low Is a Guaranteed-Lowest-Price?

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Author Info
Zhiqi Chen

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Abstract

A game based on the Bertrand duopoly model is constructed to study the effects of price guarantee policies. Before it chooses a list price, a firm can make a binding commitment to match or beat its competitor's price. The effectiveness of these price guarantee policies in facilitating price collusion depends on the solution concept used. Furthermore, there exists an equilibrium in which neither firm offers any price guarantees and each firm sets price equal to marginal cost.

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File URL: http://links.jstor.org/sici?sici=0008-4085%28199508%2928%3A3%3C683%3AHLIAG%3E2.0.CO%3B2-H
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 28 (1995)
Issue (Month): 3 (August)
Pages: 683-701
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Handle: RePEc:cje:issued:v:28:y:1995:i:3:p:683-701

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  1. Maria Arbatskaya & Morten Hviid & Greg Shaffer, 1999. "On the incidence and Variety of Low-Price Guarantees," CIE Discussion Papers 1999-10, University of Copenhagen. Department of Economics. Centre for Industrial Economics. [Downloadable!]
    Other versions:
  2. Subhasish Dugar, 2007. "Price-Matching Guarantees and Equilibrium Selection in a Homogenous Product Market: An Experimental Study," Review of Industrial Organization, Springer, vol. 30(2), pages 107-119, March. [Downloadable!] (restricted)
  3. Subhasish Dugar & Todd Sorensen, 2006. "Hassle Costs, Price-Matching Guarantees and Price Competition: An Experiment," Review of Industrial Organization, Springer, vol. 28(4), pages 359-378, June. [Downloadable!] (restricted)
  4. Datta, Shakun & Offenberg, Jennifer, 2003. "An Experimental Examination of Competitor-Based Price Matching Guarantees," MPRA Paper 575, University Library of Munich, Germany, revised 22 Oct 2006. [Downloadable!]
  5. Sridhar Moorthy & Ralph Winter, 2002. "Price-Matching Guarantees," Review of Marketing Science Working Papers 2-1-1020, Berkeley Electronic Press. [Downloadable!]
    Other versions:
  6. Morten Hviid & Greg Shaffer, 2008. "Matching Own Prices, Rivals' Prices, or Both," Working Papers 08-26, Centre for Competition Policy, University of East Anglia. [Downloadable!]
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