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@inproceedings{992639,
author = {Staněk, Rostislav},
address = {Karviná},
booktitle = {Proceedings of 30th International Conference Mathematical Methods in Economics},
edition = {1},
editor = {Ramík, J., Stavárek, D.},
keywords = {bertrand competition; imperefect information; capacity constraint; mixed-strategy equilibrium},
howpublished = {tištěná verze "print"},
language = {eng},
location = {Karviná},
isbn = {978-80-7248-779-0},
pages = {830-835},
publisher = {Silesian University, School of Business Administration},
title = {Price Competition with Capacity Constraint and Imperfect Information},
year = {2012}
}
TY - JOUR
ID - 992639
AU - Staněk, Rostislav
PY - 2012
TI - Price Competition with Capacity Constraint and Imperfect Information
PB - Silesian University, School of Business Administration
CY - Karviná
SN - 9788072487790
KW - bertrand competition
KW - imperefect information
KW - capacity constraint
KW - mixed-strategy equilibrium
N2 - Kreps-Sheinkman model introduces a capacity choice into the model of price competition. It shows that in the context of a one-shot game, the environment in which oligopolists make capacity decisions and then post prices for their products has the same Nash equilibrium as the environment in which oligopolists make output decisions and sell their output at market clearing prices. The aim of this paper is to investigate the robustness of this claim. I consider the two-stage game where firms make capacity decision rst and then compete in prices subject to their supply limits. Contrary to Kreps and Sheinkman, I assume that firms have imperfect information about their rival's capacity choice. I show that in this case the Cournot equilibrium conclusion does not hold, because the model has no pure strategy equilibrium. Moreover, the mixed strategy equilibrium has a surprising property. Expected market price increases when there are more firms in the market. This conclusion holds for surplus-maximizing as well as proportional rationing rule.
ER -
STANĚK, Rostislav. Price Competition with Capacity Constraint and Imperfect Information. In Ramík, J., Stavárek, D. \textit{Proceedings of 30th International Conference Mathematical Methods in Economics}. 1. vyd. Karviná: Silesian University, School of Business Administration, 2012. s.~830-835. ISBN~978-80-7248-779-0.
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