Ramsey prices,average cost prices and price sustainability |
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| Affiliation: | 1. Department of Economics, Oregon State University, Corvallis, OR, USA;2. Department of Applied Economics, University of Maryland, College Park, MD, USA;3. Department of Economics, Southern Illinois University, Carbondale, IL, USA;4. Department of Accounting, Economics and Finance, Southeast Missouri State University, Cape Girardeau, MO, USA;1. Department of Economics and RSCAS, Department of Economics, European University Institute, WUSTL, 1 Brooking Dr., St. Louis, MO, 63130 USA;2. Università di Palermo, Italy |
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| Abstract: | We study the relationship between sustainable and average cost prices in the multiproduct case. It is shown that for the case where costs are separable only average cost prices can be sustainable even if demands are interdependent. As for the non-separable cost case the notion of average cost prices is axiomatically defined as an extension of the average cost concept of the single product case. We then use this extension to derive necessary as well as sufficient conditions for the extended average cost prices to be sustainable. |
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