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Coase versus Pacman: Who Eats Whom in the Durable-Goods Monopoly?

Listed author(s):
  • von der Fehr, Nils-Henrik Morch
  • Kuhn, Kai-Uwe

In standard durable-goods monopoly models, both the set of buyers and the set of prices are assumed to be continua. If the set of buyers is finite, the perfectly discriminating monopoly outcome is a unique subgame perfect equilibrium when the seller is sufficiently patient. Introducing instead a smallest unit of account yields the Coasian outcome as a generically unique subgame perfect equilibrium for patient enough buyers. A folk theorem is obtained if both sets are finite. These results reflect a strategic disadvantage of having to make moves with a large impact on other players' payoffs. The analysis is extended to durable-goods oligopoly. Copyright 1995 by University of Chicago Press.

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File URL: http://dx.doi.org/10.1086/262003
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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 103 (1995)
Issue (Month): 4 (August)
Pages: 785-812

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Handle: RePEc:ucp:jpolec:v:103:y:1995:i:4:p:785-812
Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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  44. -, 1985. "Economía brasileña en 1985: informe coyuntural," Oficina de la CEPAL en Brasilia (Estudios e Investigaciones) 28297, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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