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On the Use of Ceiling-Price Commitment by Monopolists

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  • Chen, Y.
  • Rosenthal, R.W.

Abstract

The establishment of an asking, or ceiling, price from which reductions can be bargained is a common selling practice. For a monopolist seller of a single object, this article characterizes the best such ceiling price and shows that its use is optimal among all incentive-compatible mechanisms in a class of situations characterized by customers (1) who arrive one at a time and so do not compete with other directly and (2) who learn their idiosyncratic willingnesses to pay only by incurring idiosyncratic inspection costs.
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Suggested Citation

  • Chen, Y. & Rosenthal, R.W., 1994. "On the Use of Ceiling-Price Commitment by Monopolists," Papers 45, Boston University - Industry Studies Programme.
    • Handle: RePEc:fth:bostin:45
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    Keywords

    game theory ; prices;

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