埃奇沃思循环 Edgeworth's cycle 发表评论(0) 编辑词条
An Edgeworth cycle is an asymmetric price variation(非对称价格波动) that has the following characteristics:
1. 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").
2. 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.
3. Undercutting will continue until they bid the price down to the wholesale cost.
4. One competitor will then restore prices. Everyone will follow as quickly as possible, and the cycle repeats.
1. 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").
2. 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.
3. Undercutting will continue until they bid the price down to the wholesale cost.
4. One competitor will then restore prices. Everyone will follow as quickly as possible, and the cycle repeats.
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