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Journal of regional science, 1992-02, Vol.32 (1), p.55-75
Ort / Verlag
Amherst, MA: Regional Science Research Institute
Erscheinungsjahr
1992
Link zum Volltext
Quelle
PAIS Index
Beschreibungen/Notizen
Conditions for spatial price equilibrium are derived for a set of firms in oligopolistic spatial competition, distributed at fixed locations in a heterogeneous region where consumer purchasing patterns are a probabilistic function of the price distribution rather than a deterministic function of proximity to firms. The resulting prices vary with accessibility to consumers or with the degree of local spatial monopoly and result in non-zero profits for firms. Conditions describing the existence and stability properties of this spatial price equilibrium are defined and are shown to be equivalent for 2 different hypotheses concerning disequilibrium pricing behavior: 1. a partial price adjustment model, and 2. a Bertrand game. For 2 different profit goals - total profit maximization and profit rate maximization - it is shown that a spatial price equilibrium exists and is at least locally quasi-stable.