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What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model

Pascal Seppecher (), Isabelle Salle () and Marc Lavoie

CEPN Working Papers from HAL

Abstract: This paper studies coordination between firms in a multi-sectoral macroeconomic model with endogenous business cycles. Firms are both in competition and interdependent, and set their prices with a markup over unit costs. Markups are heterogeneous and evolve under market pressure. We observe a systematic coordination within firms in each sector, and between each sector. The resulting pattern of relative prices are consistent with the labor theory of value. Those emerging features are robust to technology shocks.

Keywords: General interdependence; Pricing; Agent-based modeling (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp, nep-evo, nep-hme and nep-mac
Date: 2018-06-13
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01486597v2
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Journal Article: What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model (2018) Downloads
Working Paper: What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model (2018)
Working Paper: What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model (2017) Downloads
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