This paper analyzes price competition in an infinitely repeated duopoly game. In each period, consumers remember the existence and location of their previous supplier. New information is gathered via search or word-of-mouth communication. Market outcomes are history-dependent, and the Markov...

Not only the horse as a living creature, but also equestrian sport, has a positive influence on the general upbringing and development of young people. Although equestrian sport still exerts a strong fascination, it is becoming more difficult to inspire young people to take part in this...