A Closer Look at the Comparative Statics in Competitive Markets
José Ruiz-Tamarit () and
No 2005-13, Working Papers from FEDEA
In this paper we revisit the dual approach to comparative statics in competitive markets, allowing for the essential results to arise from a comprehensive and unified framework. We study, for both the long-run and the short-run, the response of all the endogenous variables to price factor changes in a way that captures the outputprice effects arising from market-firm interactions. We show that it is necessary a richer characterization of the nature of factors with respect to output, connected with marginal cost and output demand elasticities, for completely determining such responses.
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