Competitive Industry Equilibrium under Uncertainty and Free Entry
AbstractThis paper investigates the properties of industry equilibrium under pric e uncertainty given free entry and exit. For any form of risk-averse behavior, it is shown that an increase in demand uncertainty (as meas ured by a mean-preserving spread) increases mean output price and red uces output of firms in long-run equilibrium. Copyright 1988 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 26 (1988)
Issue (Month): 2 (April)
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- Haruna, Shoji, 1996. "Industry equilibrium, uncertainty, and futures markets," International Journal of Industrial Organization, Elsevier, vol. 14(1), pages 53-70.
- Appelbaum, Elie & Lim, Chin, 1982. "Long-run industry equilibrium with uncertainty," Economics Letters, Elsevier, vol. 9(2), pages 139-145.
- Amresh Hanchate, 1996. "Nonprofit pricing of services under cost uncertainty," Journal of Cultural Economics, Springer, vol. 20(2), pages 133-144, June.
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