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Durable-Goods Monopoly with Discrete Demand

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Author Info
Bagnoli, Mark
Salant, Stephen W
Swierzbinski, Joseph E

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Abstract

The authors analyze a dynamic game between consumers and the sole seller of a durable good. Unlike previous analyses, they assume that there exists a finite collection of buyers rather than a continuum. None of the main conclusions of the literature on durable-goods monopoly survives this change in assumption. Coase's conjecture that a durable-goods monopolist cannot earn supracompetitive profits in the continuous-time limit, Bulow's proposition that renting a durable is always more profitable than selling it, and Stokey's proposition that precommitting to a time path of prices is always optimal are all false when the set of buyers is finite. Copyright 1989 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 97 (1989)
Issue (Month): 6 (December)
Pages: 1459-78
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Handle: RePEc:ucp:jpolec:v:97:y:1989:i:6:p:1459-78

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