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- Edgeworth_price_cycle abstract "An Edgeworth price cycle is an asymmetric price variation that has the following characteristics:The good/service is a homogeneous commodity and customers are extremely price-sensitive. If one vendor undercuts another, they will capture all or a very large portion of the market (where "very large" means "as much as they can handle").Beginning from an equilibrium, one competitor will initiate a round of undercutting by pricing below the equilibrium. Because of (1), competitors will respond immediately, the same day if possible, with a match or a slight undercut.Undercutting will continue until they bid the price down to the wholesale cost.One competitor will then restore prices. Everyone will follow as quickly as possible, and the cycle repeats.Because of (1), smaller competitors have a greater incentive to initiate cutting. Larger competitors will generally be the initiator of restorations. The cycle is asymmetric because restorations happen nearly simultaneously, but undercutting is generally slower.Edgeworth cycles are distinguished from both sticky pricing and cost-based pricing. Sticky prices are typically found in markets with less aggressive price competition, so there are fewer or no cycles. Purely cost-based pricing occurs when retailers mark up from wholesale costs, so costs follow wholesale variations closely.Competitive gasoline markets with a high degree of independent or small retailers typically demonstrate Edgeworth cycling, while markets dominated by majors (vertically integrated firms) will tend toward sticky pricing. Because the cycles tend to occur frequently, weekly average prices found in government reports will generally mask the cycling.".
- Edgeworth_price_cycle wikiPageExternalLink viewcontent.cgi?article=1020&context=ucsdecon.
- Edgeworth_price_cycle wikiPageExternalLink rest.89.2.324?journalCode=rest.
- Edgeworth_price_cycle wikiPageID "3601015".
- Edgeworth_price_cycle wikiPageLength "2558".
- Edgeworth_price_cycle wikiPageOutDegree "4".
- Edgeworth_price_cycle wikiPageRevisionID "625804591".
- Edgeworth_price_cycle wikiPageWikiLink Category:Game_theory.
- Edgeworth_price_cycle wikiPageWikiLink Cost-based_pricing.
- Edgeworth_price_cycle wikiPageWikiLink Nominal_rigidity.
- Edgeworth_price_cycle wikiPageWikiLink Sticky_pricing.
- Edgeworth_price_cycle wikiPageWikiLinkText "undercutting".
- Edgeworth_price_cycle hasPhotoCollection Edgeworth_price_cycle.
- Edgeworth_price_cycle wikiPageUsesTemplate Template:Econ-stub.
- Edgeworth_price_cycle wikiPageUsesTemplate Template:Gametheory-stub.
- Edgeworth_price_cycle subject Category:Game_theory.
- Edgeworth_price_cycle hypernym Variation.
- Edgeworth_price_cycle type Food.
- Edgeworth_price_cycle comment "An Edgeworth price cycle is an asymmetric price variation that has the following characteristics:The good/service is a homogeneous commodity and customers are extremely price-sensitive. If one vendor undercuts another, they will capture all or a very large portion of the market (where "very large" means "as much as they can handle").Beginning from an equilibrium, one competitor will initiate a round of undercutting by pricing below the equilibrium.".
- Edgeworth_price_cycle label "Edgeworth price cycle".
- Edgeworth_price_cycle sameAs m.09p548.
- Edgeworth_price_cycle sameAs Q5337941.
- Edgeworth_price_cycle sameAs Q5337941.
- Edgeworth_price_cycle wasDerivedFrom Edgeworth_price_cycle?oldid=625804591.
- Edgeworth_price_cycle isPrimaryTopicOf Edgeworth_price_cycle.