FREE ENTRY AND THE LOCATIONAL EQUILIBRIUM
Locational phenomena are examined under the assumption that firms have perfect foresight. In the short run, competitive and cooperative price equilibria may be found; the competitive solution is equivalent to Hotelling's duopolistic equilibrium. In the medium term, prices are set as a function...
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| Veröffentlicht in: | Annals of the Association of American Geographers 1974-03, Vol.64 (1), p.17-25 |
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| container_title | Annals of the Association of American Geographers |
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| creator | WEBBER, M. J. |
| description | Locational phenomena are examined under the assumption that firms have perfect foresight. In the short run, competitive and cooperative price equilibria may be found; the competitive solution is equivalent to Hotelling's duopolistic equilibrium. In the medium term, prices are set as a function of location patterns, such that profits equal zero. In the long run, the assumptions of free entry and perfect foresight do not yield unique locational equilibria: such an equilibrium requires naive beliefs on the part of firms. Doubt is therefore cast upon the usefulness of the assumptions of certainty and homogeneity. |
| doi_str_mv | 10.1111/j.1467-8306.1974.tb00951.x |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0004-5608 |
| ispartof | Annals of the Association of American Geographers, 1974-03, Vol.64 (1), p.17-25 |
| issn | 0004-5608 1467-8306 |
| language | eng |
| recordid | cdi_jstor_primary_2562177 |
| source | Wiley Online Library; Periodicals Index Online; Taylor & Francis Journals Complete |
| subjects | Anticipation Blacksmithing Business orders Consumer prices Free entry Location equilibrium Long run profit maximization Market prices Perfect knowledge Price changes Profit analysis Profit per unit Rivals'anticipations |
| title | FREE ENTRY AND THE LOCATIONAL EQUILIBRIUM |
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