Double Bertrand competition among intermediaries when consumers can default
This paper models a sequential double price competition among intermediaries when their expected revenue per sale is affected by consumers' default. If this revenue is non-monotonic with the asking price, the Walrasian outcome may not be an equilibrium and demand rationing may emerge instead.
Volume (Year): 4 (2007)
Issue (Month): 7 ()
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- Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
- Xavier Freixas & Jean-Charles Rochet, 1997. "Microeconomics of Banking," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061937, December.
- Frédérique Bracoud, 2002.
"Sequential Models of Bertrand Competition for Deposits and Loans under Asymmetric Information,"
Game Theory and Information
- Frédérique Bracoud, 2002. "Sequential Models of Bertrand Competition for Deposits and Loans under Asymmetric Information," Keele Economics Research Papers KERP 2002/15, Centre for Economic Research, Keele University.
- Yanelle, Marie-Odile, 1989. "The strategic analysis of intermediation," European Economic Review, Elsevier, vol. 33(2-3), pages 294-301, March.
- Stahl, Dale O, II, 1988. "Bertrand Competition for Inputs and Walrasian Outcomes," American Economic Review, American Economic Association, vol. 78(1), pages 189-201, March.
- Linda Toolsema, 2001. "Reserve requirements and double Bertrand competition among banks," Applied Economics Letters, Taylor & Francis Journals, vol. 8(5), pages 291-293.
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