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Endogenously determined price rigidities (*)

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Author Info
P. Jean-Jacques Herings (Department of Econometrics and CentER, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, THE NETHERLANDS)

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Abstract

There exists an extensive literature about economies with price rigidities, where some constraints on the set of admissible price systems are exogenously given. In this paper a general equilibrium model extended by a political system is described where the price rigidities are endogenously chosen by political candidates. Sufficient conditions for the existence of a mixed strategy and a pure strategy equilibrium are given. Finally an example is discussed, where in equilibrium both political candidates propose price rigidities excluding the Walrasian equilibrium price system.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 9 (1997)
Issue (Month): 3 ()
Pages: 471-498
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Handle: RePEc:spr:joecth:v:9:y:1997:i:3:p:471-498

Note: Received: September 15, 1994; revised version October 18, 1995
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  1. Talman,Dolf & Laan,Gerard,van der & Herings,P. Jean-Jacques, 2001. "Quantity Constrained Equilibria," Research Memoranda 012, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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  2. Herings,P. Jean-Jacques & Konovalov,Alexander, 2002. "Constrained Suboptimality when Prices Are Non-competitive," Research Memoranda 012, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
    Other versions:
  3. Herings,P. Jean-Jacques, 2001. "Coordinating Thoughts on Coordination Failures," Research Memoranda 018, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
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