Tests for Optimizing Behavior and for Patterns of Conjectural Variations
The objective of this paper is to test hypotheses on market structure, conduct, and performance using data of a single firm and the market (beer). The firm maximizes a convex combination of profit and revenue. The author derives a system consisting of functions for factor demand, advertising, supply, and of market demand in order to test the consistency of the observed structure of the data with certain models of price theory. He tests Cournot behavior, cartel behavior, perfect competition, and the full-cost principle. The outcome of the series of test shows that a model with conjectural variations consistent with perfect competition is compatible with the observed structure of the data. Copyright 1989 by WWZ and Helbing & Lichtenhahn Verlag AG
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Volume (Year): 42 (1989)
Issue (Month): 2 ()
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