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    A simple spatial model for Edgeworth cycles

    134341_17226_CRAE WP201002 WillsJohnson Bloch Edgeworth.pdf (114.0Kb)
    Access Status
    Open access
    Authors
    Bloch, Harry
    Wills-Johnson, Nick
    Date
    2010
    Type
    Working Paper
    
    Metadata
    Show full item record
    Citation
    Bloch, Harry and Wills-Johnson, Nick. 2010. A simple spatial model for Edgeworth cycles, Centre for Research in Applied Economics Working Paper Series: no. 201002, Curtin University of Technology, School of Economics and Finance.
    Faculty
    Curtin Business School
    The Centre of Research in Applied Economics (CRAE)
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/17074
    Collection
    • Curtin Research Publications
    Abstract

    Maskin & Tirole (1998) formalise Edgeworth's (1925) model of a dynamic equilibrium between two players where prices increase sharply and decrease slowly; the Edgeworth Cycle. Here, we present an application of the model, showing how Edgeworth Cycles might arise in a marketplace where spatial competition is important. We illustrate the approach using the example of retail gasoline markets where Edgeworth Cycles have been widely observed.

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      In many retail gasoline markets, prices follow a saw-toothed cycle first posited by Edgeworth (1925) and formalised by Maskin & Tirole (1988). A growing literature explores driving factors behind such cycles, most ...
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