Price Adjustment within a Framework of Symmetric Oligopoly. An Analysis of Pricing in 380 U.S. Manufacturing Industries 1958-71
This paper is concerned with the generation and testing of predictions on price adjustment from a model of symmetric oligopoly. Two types of industry demand regimes are considered, linear and iso-elastic. It is shown that these can be distinguished by a simple test, and linear demand is given strong support. It is then shown that the industry conjectural variation may be treated as a function whose properties can be established by non-linear estimation of the price adjustment equation.
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|Date of creation:||1984|
|Date of revision:|
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