Competitive Industry Equilibrium under Uncertainty and Free Entry
This paper investigates the properties of industry equilibrium under pric e uncertainty given free entry and exit. For any form of risk-averse behavior, it is shown that an increase in demand uncertainty (as meas ured by a mean-preserving spread) increases mean output price and red uces output of firms in long-run equilibrium. Copyright 1988 by Oxford University Press.
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Volume (Year): 26 (1988)
Issue (Month): 2 (April)
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