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Bibliographic Data
Control Number309095
Date and Time of Latest Transaction20150706094339.AM
General Information150706s |||||||||b ||00|||
Cataloging SourceSTII-DOST
Local Call NumberScienceDirect
Main Entry - Personal NameMakowsky, Michael D.
 Levy, David M.
Title StatementPrice dispersion and increasing returns to scale by David M. Levy and Michael D. Makowsky
Physical Descriptionpages 406-417 computer file; text; 466kb
Summary, Etc.We present a model in which price dispersion allows the market to remain competitive in the long run amidst increasing returns to scale. The model hinges upon turnover in the productive technology-leading firm, price dispersion resultant of Stigler’s logic of rational search, and limited excludability of knowledge. Price dispersion, traditionally viewed as an efficiency loss derivative of imperfect information in the market protects competition from being destroyed by innovation and increasing returns to scale. Bankruptcy occurs in a form similar to the gambler’s ruin. The model requires no entry or replacement of failed firms. The number of active firms in a market reaches a stationary state increasing with, and contingent on, search costs.04
Subject Added Entry - Topical Termcial sciences04
 creasing returns to scale04
 ice dispersion04
 arch
LocationST STII ScienceDirect NONPRINTS NP 13-14444 1 13-14444 Online/Download 2010-11-05
  
     
 
Physical Location
Department of Science and Technology
Science and Technology Information InstituteScienceDirect
  
     
 
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