Nonparametric market supply with variable participants

Christopher Chambers and John Rehbeck ()
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John Rehbeck: The Ohio State University

Economic Theory, 2022, vol. 74, issue 3, No 7, 899-921

Abstract: Abstract Research estimating market supply often focuses on parametric models. In this paper, we study a non-parametric approach to market supply. We characterize the necessary and sufficient conditions of profit maximization for aggregate market behavior when individual firm supply is unobservable and participants on the supply side vary. We also show how the result changes as additional properties are added such as constraints on net outputs, non-negative profits, and increasing production sets.

Keywords: Profit maximization; Revealed preference; Aggregation; Firm entry/exit (search for similar items in EconPapers)
JEL-codes: D20 D21 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s00199-021-01382-5

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