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Countercyclical Pricing in Customer Markets
, 2002
"... I present a dynamic model of price determination in customer markets that are subject to exogenous business-cycle fluctuations. The business cycle is described in terms of a Markov process, in which market demand alternates stochastically between fast-growth (boom) and slow-growth (recession) phases ..."
Abstract
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when making its current price selection. While a higher pricemayraiseafirm’s profit in the short term, it also may diminish the firm’s reputation for low prices, leading to lower profits in the future. 1.
