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The kinked demand curve

Bhaskar, V.; (2008) The kinked demand curve. In: Durlauf, S. and Blume, L., (eds.) The New Palgrave Dictionary of Economics. Palgrave Macmillan: Basingstoke, UK.

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Abstract

The kinked demand curve, one of the staples of oligopoly theory, was originally formulated as a theory of price rigidity. We review dynamic game-theoretic reformulations, which give rise to a theory of collusive price determination.

Type: Book chapter
Title: The kinked demand curve
ISBN-13: 9780333786765
DOI: 10.1057/9780230226203.0896
Publisher version: http://dx.doi.org/10.1057/9780230226203.0896
Language: English
Additional information: DOI refers to online version, from which abstract is taken
Keywords: Bertrand competition, collusion, Cournot competition, duopoly, folk theorem, kinked demand curve, Markov perfect equilibria, oligopoly, price rigidity, quick response equilibria, repeated games
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/15459
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