Search Swinburne Research Bank
Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.3/194
 Download PDF (14 p.) (Adobe Acrobat PDF, -1 bytes) |
- Title
- Modern pricing postulates : microeconomics in a complex world
- Author(s)
- Legge, John M.
- Abstract
- The standard economic model as presented in virtually all undergraduate economics textbooks represents competition as occurring between a large number of individually small suppliers offering identical products to a market patronised by fully informed consumers. This model does not reflect common experience, and is not supported by econometric studies. A model of consumer choice in a market where most consumers will decline the great majority of offers is presented here. It is shown to be consistent with econometric measurements of deadweight loss and with common consumer experience. Certain policy and theoretical issues are discussed.
- Publication type
- Working paper
- Research centre
- Swinburne University of Technology. School of Management. Centre for Innovation and Enterprise
- Publication year
- 1995
- Keyword(s)
- Microeconomics; Pricing
- Publisher
- Centre for Innovation and Enterprise, School of Management, Swinburne University of Technology
- Copyright
- Copyright © 1995 Swinburne University of Technology & John M. Legge.
- Full text
