Autore
Phlips, Louis

Titolo
Price leadership and conscious parallelism: a survey
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1993 - Fascicolo: 14 - Pagina iniziale: 1 - Pagina finale: 25

This survey of the recent analytical literature on price leadership shows that the identity and the characteristics of the leader are now well established. In a world without uncertainty, it is the most efficient but not necessarily the largest firm that is the leader. In a world with uncertainty, the best informed firm or the firm with the largest number of loyal customers is the leader. With the help of repeated games, it is possible to determine the time path of the prices, characterised by rapid adjustments on the leader. An important conclusion emerges with regard to competition policy: price parallelism cannot be used as proof of tacit collusion.



Testo completo: http://hdl.handle.net/1814/455

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