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Экономическая теория          Автор Markus H.          Издательство Книга по Требованию

A theoretical approach to determine strategies when companies face uncertainty Supply Function Equilibria and Applications to Electricity Markets.
72 стр. мягкая обложка
978-3-6393-0974-4

автор:Markus H.
издательство: Книга по Требованию
год:2011
цена:1897 руб
- нет в наличии

The theoretical approaches of these supply function models are finally linked to applications to electricity markets. There has been a long debate among economists whether it is more reasonable to think that firms choose prices as strategic variables or quantities. It is also analyzed if the concept of supply function equilibria is valid in reality. A firm may not want to commit to one of these simple types of strategies if uncertainty is introduced since there may be decisions which must possibly be made in advance and can not be made after the resolution of the uncertainty. It is shown that choosing a supply function is superior to standard approaches since firms are able to react in a better way to changing market conditions compared to a situation where price or quantity is fixed, as stipulated by Bertrand or Cournot competition, respectively. This book analyzes the behaviour of firms in a world of uncertainty on a basis of three famous contributions to the topic supply functions. The supply function, which is implicitly determined by these decisions, relates the quantity a firm will produce to the price the market will create.

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