Competition, collusion, and chaos

Article Abstract:

An altered version of the Bertrand model of myopic firms engaging in price competion is seed to result in Edgeworth dynamics being extended, and the chaotic interation of collusion and competition resulting over time. Included in the model are taste and technology nonlinearities and a spatial differentiation of the firms. Study results indicate a number of dynamic scenarios possible, and the one involving coexistence of cooperative and competitive behavior is examined.

Competition (Economics), Cartels, Price fixing, Industrial concentration

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The local recoverability of risk aversion and intertemporal substitution

Article Abstract:

An economy is considered revealing if underlying preferences can be determined from asset prices. These prices are often set from aggregate equity or a one-period discount bond. An econometric model basedon nonexpected utility and Markovian output growth rate processes exhibits a generic nature for local recoverability. This specific assumption makes the model generate a result different from an expected utility-based model.

Risk (Economics), Substitution (Economics)

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