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Informationsgewinnung und Preisentwicklung: Ein mikroökonomischer Erklärungsversuch für die verzögerte Preisanpassung im Konjunkturaufschwung mit Hilfe des Mills-Modells
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 93 (1973), Iss. 4 : pp. 411–421
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Steinmann, Gunter
Abstract
Information Problem and Price Development: A Mills-Model-Explanation for Lagged Adjustment of Prices in the Beginning Upswing
The traditional model of monopolistic theory cannot easily be accorded to the empirical experience that in the upswing the entrepreneurs first expand their production and rise their prices only at the end of the boom. According to the author’s opinion these reactions are caused by false anticipation of demand. In the beginning of the upswing the entrepreneurs think that the higher sales be caused rather by chance than by higher demand. With the Mills-model the author demonstrates that under constant marginal production and storage costs the entrepreneurs will therefore rise production without altering prices.