Bounded rationality in macroeconomics
In: Journal of economic dynamics & control, Band 20, Heft 5, S. 811-817
ISSN: 0165-1889
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In: Journal of economic dynamics & control, Band 20, Heft 5, S. 811-817
ISSN: 0165-1889
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 6, S. 123-147
ISSN: 0167-2231
In: Journal of political economy, Band 84, Heft 3, S. 523-541
ISSN: 1537-534X
In: Journal of political economy, Band 83, Heft 1, S. 83-94
ISSN: 1537-534X
In: The Bell journal of economics, Band 6, Heft 1, S. 327
In: Journal of economic dynamics & control, Band 25, Heft 3-4, S. 593-614
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 28, Heft 6, S. 1035-1057
ISSN: 0165-1889
In: The journal of business, Band 75, Heft 3, S. 425-451
ISSN: 1537-5374
In: Journal of political economy, Band 91, Heft 6, S. 979-1000
ISSN: 1537-534X
In: Journal of political economy, Band 91, Heft 6, S. 979-1000
ISSN: 0022-3808
THIS PAPER DEVELOPS A MODEL OF QUALITY DETERMINATION WHERE THE USUAL COMPETITIVE EQUILIBRIUM CONDITIONS HOLD. THE EXPLICIT FORM OF QUALITY CONSIDERED IS THE WAIT REQUIRED TO OBTAIN THE PRODUCT. THE ANALYSIS, HOWEVER, IS MUCH MORE GENERAL, BEING VALID FOR PRODUCTS THAT HAVE A CHARACTERISTIC, ZETA, SUCH THAT (1) DEMAND IS A FUNCTION OF PRICE AND A MEASURE DEFINED ON ZETA, (2) COSTS ARE A FUNCTION OF OUTPUT AND THE MEASURE ON ZETA, AND (3) ZETA IS A FUNCTION OF OUTPUT AND CAPACITY. EXPECTED PROFIT-MAXIMIZING FIRMS, IN EQUILIBRIUM, LOOK LIKE MONOPOLISTIC COMPETITORS. ONCE CONSTANT QUALITY IS IMPOSED, HOWEVER, THE PERFECT COMPETITIVE RESULTS OBTAIN.