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We analyze the effect of price caps on equilibrium production and welfare in oligopoly under demand uncertainty. We … find that high price caps always increase production and welfare as compared to the situation without price cap. Price caps … close to marginal cost may lead to zero production, depending on the nature of uncertainty. We characterize the optimal …
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demand is expected to be strong, firms increase their production not only to meet their demand but also to accumulate … investment is procyclical, and (ii) production is more volatile than sales. The key intuition is that, since inventories and … demand are complements in generating sales, the optimal level of inventories is increasing in expected demand. Thus, when …
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dimensions in economic production. A distinction is proposed between direct and indirect substitution. Linked to this, a … classification is offered of various types of substitutability and complementarity relationships between production factors. It is … argued that the neoclassical production function may be consistent with mass balance, but is unsuitable for a detailed and …
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