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The Economic of Politics and the Politics of Economics

Author

Listed:
  • Brennan, G.

Abstract

A retail market in which customers repeat purchase is considered. Customers are influenced not only by the price set by the firm, but by their level of disenchantment. Disenchantment measures the degree of customer disaffection in the customer-firm relationship. Changes in price lead to proportional changes in disenchantment. It is demonstrated that when customers possess loss aversion with respect to disenchantment levels, the firm's optimal response is characterised by price rigidity.

Suggested Citation

  • Brennan, G., 1996. "The Economic of Politics and the Politics of Economics," Papers 1996-1, Tasmania - Department of Economics.
    • Handle: RePEc:fth:tasman:1996-1
    as

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    More about this item

    Keywords

    ECONOMIC POLICY;

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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