Profit risk,market power and pricing decisions of large firms |
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| Authors: | Louis N. Christofides Francis Tapon |
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| Affiliation: | University of Guelph, Guelph, Ont., N1G 2WI, Canada;University of Guelph, Guelph, Ont., N1G 2WI, Canada;Antitrust Division, U.S. Department of Justice, Washington, DC, USA |
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| Abstract: | We examine the response of price-setting firms to cyclical variations in demand and establish a set of conditions under which prices are adjusted countercyclically. We consider whether firms with market power attempt to reduce risk exposure through pricing policies. |
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