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Extensions of Amoroso-Robinson's Formula

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  • Ernst Lykke Jensen

    (Institute of Theoretical Statistics Copenhagen School of Economics and Business Administration)

Abstract

This paper deals with the problem of price-fixing from the standpoint of an individual firm in a heterogeneous market. The elementary Amoroso-Robinson formula is generalized within a deterministic as well as a probabilistic set-up. In the probabilistic case it is shown that the price-solution depends on the standard deviation of demand as a function of the price parameters. From the models considered it is, in particular, deduced that the optimum price is at a lower level than the corresponding deterministic price if the standard deviation is constant, but at a higher level if the coefficient of variation is constant.

Suggested Citation

  • Ernst Lykke Jensen, 1967. "Extensions of Amoroso-Robinson's Formula," Management Science, INFORMS, vol. 13(9), pages 712-722, May.
    • Handle: RePEc:inm:ormnsc:v:13:y:1967:i:9:p:712-722
    DOI: 10.1287/mnsc.13.9.712
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