Advertisement

Price Behaviour of Firms

  • Aubrey Silberston

Abstract

The determination of prices has played a central part in economic theory for a hundred years or more. It forms the core of micro-economics, and is often the first topic in economics that students are taught. Its role in the allocation of resources is stressed, and—more recently—its role in the process of inflation. Yet it has been, and remains, a subject of considerable controversy. The work of Sraffa [134], Chamberlin [22] and Joan Robinson [118], in the late 1920s and early 1930s, threw doubt on the validity of an analysis of price determination based on the assumption of perfect cornpetition. The famous article of Hall and Hitch [56] in 1939 questioned the applicability of even the new theories of imperfect competition to pricing in the real world, and sparked off a long controversy on how far businessmen act—explicitly and implicitly—in the way that economists appear to suggest that they do. The questions raised by this work led in several directions. On the one hand, they led to an examination of the effect of different kinds of market structure on competition and prices, with particular emphasis on oligopoly. On the other hand, they led to an examination of the internal workings of firms, and of the process of decision-making under conditions of uncertainty, including an examination of the meaning of maximising behaviour in these circumstances. In the course of this work the role of managers, rather than owners, was stressed.

Keywords

American Economic Review Profit Margin Profit Maximisation Price Policy Price Discrimination 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. 1.
    L. Abbott, Quality and Competition, Columbia University Press, New York, 1955.Google Scholar
  2. 2.
    M. A. Adelman, “The A. and P. Case: a Study in Applied Economic Theory,” Quarterly Journal of Economics, May 1949.Google Scholar
  3. 3.
    G. C. Allen, “Economic Fact and Fantasy,” Institute of Economic Affairs, 1967.Google Scholar
  4. 4.
    P. W. S. Andrews, Manufacturing Business, Macmillan, London, 1949.Google Scholar
  5. 5.
    P. W. S. Andrews, On Competition in Economic Theory, Macmillan, London, 1964.Google Scholar
  6. 6.
    J. Backman, The Economics of the Electrical Machinery Industry, New York University Press, New York, 1962.Google Scholar
  7. 7.
    J. S. Bain, The Economics of the Pacific Coast Petroleum Industry Part II: Price Behaviour and Competition, University of California Press, Berkeley, 1945.Google Scholar
  8. 8.
    J. S. Bain, “A Note on Pricing in Monopoly and Oligopoly,” American Economic Review, March 1949.Google Scholar
  9. 9.
    J. S. Bain, “Price and Production Policies,” in A Survey of Contemporary Economics, ed. H. S. Ellis, The Blakiston Company, Berkeley, 1949.Google Scholar
  10. 10.
    J. S. Bain, Barriers to New Competition, Harvard University Press, Cambridge, 1956.CrossRefGoogle Scholar
  11. 11.
    J. S. Bain, Industrial Organisation, Wiley, New York, 1959; Second edition, Wiley, New York, 1968.Google Scholar
  12. 12.
    N. Balkin, “Prices in the Clothing Industry,” Journal of Industrial Economics, November 1956.Google Scholar
  13. 13.
    R. H. Barback, The Pricing of Manufactures, Macmillan, London, 1964.Google Scholar
  14. 14.
    W. J. Baumol, Business Behaviour, Value and Growth, Macmillan, New York, 1959.Google Scholar
  15. 15.
    W. J. Baumol and R. E. Quant, “Rules of Thumb and Optimally Imperfect Decisions,” American Economic Review, March 1964.Google Scholar
  16. 16.
    A. A. Berle and G. C. Means, The Modern Corporation and Private Property, Macmillan, New York, 1932.Google Scholar
  17. 17.
    J. Bertrand, “Théorie Mathematique de la Richesse Sociale,” Journal des Savants, Paris, September 1883.Google Scholar
  18. 18.
    R. L. Bishop, “Elasticities, Cross-elasticities, and Market Relationships,” American Economic Review, December 1952.Google Scholar
  19. 19.
    British Steel Corporation, Steel Prices, London, May 1969.Google Scholar
  20. 20.
    A. D. Brownlie, “Some Econometrics of Price Determination,” Journal of Industrial Economics, March 1965.Google Scholar
  21. 21.
    J. Burnham, The Managerial Revolution, The John Day Co. Inc., New York, 1941.Google Scholar
  22. 22.
    E. H. Chamberlin, The Theory of Monopolistic Competition, 1st ed., Cambridge, Massachusetts, October 1933.Google Scholar
  23. 23.
    J. M. Clark, “Toward a Concept of Workable Competition,” American Economic Review, June 1940.Google Scholar
  24. 24.
    K. J. Cohen and R. M. Cyert, Theory of the Firm, Prentice-Hall Inc., New Jersey, 1965.Google Scholar
  25. 25.
    A. H. Cole and H. F. Williamson, The American Carpet Manufacture, Harvard University Press, Cambridge, 1941.Google Scholar
  26. 26.
    N. R. Collins and L. E. Preston, “Concentration and Price-Cost Margins in Food Manufacturing Industries,” Journal of Industrial Economics, July 1966.Google Scholar
  27. 27.
    W. S. Comanor, “Competition and the Performance of the Midwestern Coal Industry,” Journal of Industrial Economics, June 1966.Google Scholar
  28. 28.
    W. S. Comanor and T. A. Wilson, “Advertising, Market Structure and Performance,” Review of Economics and Statistics, November 1967.Google Scholar
  29. 29.
    A. Cournot, Researches into the Mathematical Principles of the Theory of Wealth, translated by Nathaniel T. Bacon, The Macmillan Co., New York, 1897.Google Scholar
  30. 30.
    R. M. Cyert, “Oligopoly, Price Behavior and the Business Cycle,” Journal of Political Economy, February 1955.Google Scholar
  31. 31.
    R. M. Cyert and J. G. March, A Behavioral Theory of the Firm, Prentice-Hall Inc., Englewood Cliffs, N.J., 1963.Google Scholar
  32. 32.
    C. N. Davisson, “The Marketing of Automotive Parts,” Bureau of Business Research, University of Michigan, Ann Arbor, 1954.Google Scholar
  33. 33.
    Department of Applied Economics, Cambridge. Report on the effects of Selective Employment Tax (first report on the distributive trades), W. B. Reddaway and others, H.M.S.O., London, 1970.Google Scholar
  34. 34.
    H.J. De Podwin and R. T. Selden, “Business Pricing Policies and Inflation,” Journal of Political Economy, April 1963.Google Scholar
  35. 35.
    R. Dorfman and P. O. Steiner, “Optimal Advertising and Optimal Quality,” American Economic Review, December 1954.Google Scholar
  36. 36.
    J. C. R. Dow, The Management of the British Economy 1945–60, Cambridge University Press, 1964.Google Scholar
  37. 37.
    Jack Downie, The Competitive Process, Duckworth, London, 1958.Google Scholar
  38. 38.
    J. S. Earley, “Marginal Policies of Excellently Managed Companies,” American Economic Review, March 1956.Google Scholar
  39. 38a.
    O. Eckstein and G. Fromm, “The Price Equation,” American Economic Review, December 1968.Google Scholar
  40. 39.
    H. R. Edwards, Competition and Monopoly in the British Soap Industry, Clarendon Press, Oxford, 1962.Google Scholar
  41. 40.
    M.J. Farrell, “The Case Against the Imperfect Competition Theories,” economic journal, June 1951.Google Scholar
  42. 41.
    W. Fellner, Competition among the Few, Knopf, New York, 1949.Google Scholar
  43. 42.
    Financial Times, “Minimum Return on State Projects Raised by 10%,” by Christopher Tugendhat, August 20, 1969.Google Scholar
  44. 43.
    F. M. Fisher, Z. Griliches and C. Kaysen, “The Costs of Automobile Model Changes since 1949,” American Economic Review, May 1962.Google Scholar
  45. 44.
    K. Flood, “Railroad Pricing: a Case Study,” Land Economics, February 1961.Google Scholar
  46. 45.
    V. R. Fuchs, “Integration, Concentration, and Profits in Manufacturing Industries,” Quarterly Journal of Economics, May 1961.Google Scholar
  47. 46.
    J. K. Galbraith, American Capitalism, The Concept of Countervailing Power, Hamilton, London, 1952.Google Scholar
  48. 47.
    K. D. George, “Concentration, Barriers to Entry and Rates of Return,” Review of Economics and Statistics, May 1968.Google Scholar
  49. 48.
    W. A. H. Godley and C. Gillion, “Pricing Behaviour in Manufacturing Industry,” N.LE.S.R. Review, August 1965.Google Scholar
  50. 49.
    R. A. Gordon, Business Leadership in the Large Corporation, University of California Press, Berkeley, 1961.Google Scholar
  51. 50.
    R. J. Gordon, “Incidence of Corporation Tax,” American Economic Review, September 1967.Google Scholar
  52. 51.
    J. de V. Graaff, Theoretical Welfare Economics, Cambridge University Press, 1957.Google Scholar
  53. 52.
    Guardian, “State Industries Set Higher Profit Targets,” London, August 20, 1969.Google Scholar
  54. 53.
    D. C. Hague, The Economics of Man-made Fibres, Duckworth, London, 1957.Google Scholar
  55. 54.
    D. C. Hague, “Economic Theory and Business Behaviour,” Review of Economic Studies, No. 3, 1949.Google Scholar
  56. 55.
    F. H. Hahn, “The Theory of Selling Costs,” Economic Journal, June 1959.Google Scholar
  57. 56.
    R. L. Hall and C. J. Hitch, “Price Theory and Business Behaviour,” Oxford Economic Papers, May 1939.Google Scholar
  58. 57.
    D. C. Hamilton, Competition in Oil, Harvard University Press, Cambridge, 1958.CrossRefGoogle Scholar
  59. 58.
    O. C. Herfindahl, Copper Costs and Prices: 1870–1957, Johns Hopkins Press, Baltimore, 1959.Google Scholar
  60. 59.
    M. Howe, “Marginal Analysis in Accounting,” Yorkshire Bulletin of Economic and Social Research, November 1962.Google Scholar
  61. 60.
    T. Hultgren, Costs, Prices and Profits, their Cyclical Relations, National Bureau of Economic Research, New York, 1965.Google Scholar
  62. 61.
    Iron and Steel Board, Annual Report 1963, H.M.S.O., London, April 1964.Google Scholar
  63. 62.
    J. B. Jefferys, The Distribution of Consumer Goods, Cambridge University Press, 1950.Google Scholar
  64. 63.
    J. Johnston, “The Price Level Under Full Employment in the United Kingdom,” Price Formation in Various Economies, ed. Hague, D. C., Macmillan, London, 1967.Google Scholar
  65. 64.
    R. F. Kahn, “The Problem of Duopoly,” economic journal, March 1937.Google Scholar
  66. 65.
    R. F. Kahn, “Oxford Studies in the Price Mechanism,” economic journal, March 1952.Google Scholar
  67. 66.
    N. Kaldor, “A Memorandum on the Value-added Tax,” in Essays on Economic Policy, Vol. I, Gerald Duckworth & Co., London, 1964.Google Scholar
  68. 67.
    N. Kaldor, An Expenditure Tax, Allen & Unwin, London, 1955.Google Scholar
  69. 68.
    A. D. H. Kaplan, J. B. Dirlam and R. F. Lanzilotti, Pricing in Big Business, The Brookings Institution, Washington, D.C., 1958.Google Scholar
  70. 69.
    M. Krzyaniak and R. A. Musgrave, The Shifting of Corporation Income Tax, The Johns Hopkins Press, Baltimore, 1963.Google Scholar
  71. 70.
    H. Leibenstein, “Allocative Efficiency vs.’x Efficiency ’,” American Economic Review, June 1966.Google Scholar
  72. 71.
    R. A. Lester, “Shortcomings of Marginal Analysis for Wage-Employment Problems,” American Economic Review, March 1946.Google Scholar
  73. 72.
    R. A. Lester, “Marginalisnn, Minimum Wages and Labor Markets,” American Economic Review, March 1947.Google Scholar
  74. 73.
    H. M. Levinson, Postwar Movements of Prices and Wages in Manufacturing Industries, Studies of the Joint Economic Committee, U.S. Congress, Study Paper No. 21, 1960.Google Scholar
  75. 74.
    W. A. Lewis, Overhead Costs: Some Essays in Economic Analysis, George Allen & Unwin, London, 1949.Google Scholar
  76. 75.
    J. Lintner, “Optimal Dividends and Corporate Growth under Uncertainty,” Quarterly Journal of Economics, February 1964.Google Scholar
  77. 76.
    I. M. D. Little, The Price of Fuel, Clarendon Press, Oxford, 1953.Google Scholar
  78. 77.
    I. M. D. Little, A Critique of Welfare Economics, 2nd ed., Oxford University Press, 1956.Google Scholar
  79. 78.
    D. P. Locklin, “The Organisation of the Railroad Rate Structure,” American Economic Review, May 1946.Google Scholar
  80. 79.
    P.J. Lund and F. Rushdy, “The Effect of Demand on Prices in British Manufacturing Industry,” Review of Economic Studies, October 1967.Google Scholar
  81. 80.
    J. L. McCarthy, “The American Copper Industry, 1947–55,” Yale Economic Essays, No. 1, 1964.Google Scholar
  82. 81.
    F. Machlup, “Rejoinder to an Anti-Marginalist,” American Economic Review, March 1947.Google Scholar
  83. 82.
    M. H. Mann, “Seller Concentration, Barriers to Entry and Rates of Return in 30 Industries, 1950–1960,” Review of Economics and Statistics, August 1966.Google Scholar
  84. 83.
    J. Markham, “The Nature and Significance of Price Leadership,” American Economic Review, December 1951.Google Scholar
  85. 84.
    R. L. Marris, The Economic Theory of Managerial Capitalism, Macmillan, London, 1964.Google Scholar
  86. 85.
    R. L. Marris, “Thoughts on Oligopoly, Price Theory and Game Theory,” Unpublished, 1969.Google Scholar
  87. 86.
    G. Maxcy and A. Silberston, The Motor Industry, Cambridge Studies in Industry, Allen & Unwin, London, 1959.Google Scholar
  88. 87.
    W. J. Mead, Competition and Oligopoly in the Douglas Fir Lumber Industry, University of California Press, Berkeley, 1966.Google Scholar
  89. 88.
    G. C. Means, “Big Business, Administered Prices and the Problems of Full Employment,” Journal of Marketing, April 1940.Google Scholar
  90. 89.
    W. C. Mitchell, Business Cycles and Their Courses, University of California Press, Berkeley, 1941Google Scholar
  91. 90.
    F. Modigliani, “New Developments on the Oligopoly Front,” Journal of Political Economy June 1958.Google Scholar
  92. 91.
    Monopolies Commission, Reports, H.M.S.O., London, 1948 onwards.Google Scholar
  93. 92.
    Monopolies Commission, A Report on Exclusive Dealing, Collective Boycotts, Aggregated Rebates and other Discriminatory Trade Practices, Cmnd. 9504, H.M.S.O., London, 1955.Google Scholar
  94. 93.
    Monopolies Commission, Report on the Supply of Electrical Equipment for Mechanically Propelled Land Vehicles, H.M.S.O., London, December 1963.Google Scholar
  95. 94.
    National Board for Prices and Incomes, Reports, H.M.S.O., London, 1966 onwards.Google Scholar
  96. 95.
    National Board for Prices and Incomes, Report No. 55 “Distributive Margins in Relation to Manufacturers’ Recommended Prices,” Cmnd. 3546 H.M.S.O., London, February 1968.Google Scholar
  97. 96.
    National Board for Prices and Incomes, Report No. 111 “Steel Prices,” Cmnd. 4033, H.M.S.O., London, May 1969.Google Scholar
  98. 97.
    National Economic Development Office, Value-added Tax: A Report, H.M.S.O., London, 1969.Google Scholar
  99. 98.
    Nationalised Industries, A Review of Economic and Financial Objectives, Cmnd. 3437, H.M.S.O., London, November 1967.Google Scholar
  100. 99.
    A. D. Neale, The Antitrust Laws of the U.S.A., Cambridge University Press, 1960.Google Scholar
  101. 100.
    R. R. Neild, Pricing and Employment in the Trade Cycle, N.I.E.S.R. Occasional Paper 21, Cambridge University Press, 1963.Google Scholar
  102. 101.
    J. C. Nelson, Railroad Transportation and Public Policy, Brookings Institution, Washington, D.C., 1959.Google Scholar
  103. 102.
    E. Nevin, “The Cost Structure of British Manufacturing,” economic journal, December 1963.Google Scholar
  104. 103.
    W. H. Nicholls, “Price Flexibility and Concentration in the Agricultural Processing Industries,” Journal of Political Economy, December 1940.Google Scholar
  105. 104.
    I. F. Pearce, “A Study in Price Policy,” Economica, New Series, May 1956.Google Scholar
  106. 104a.
    E. T. Penrose, The Theory of the Growth of the Firm, Basil Blackwell, Oxford, 1959.Google Scholar
  107. 105.
    A. G. Pool and G. Llewellyn, The British Hosiery Industry: A Study in Competition, Leicester University Press, Leicester, 1958.Google Scholar
  108. 106.
    Prices and Incomes (a) A Bill to establish a National Board for Prices and Incomes, H.M.S.O., London, 1966.Google Scholar
  109. Prices and Incomes (b) Productivity, Prices and Incomes Policy after 1969, Cmnd. 4237, H.M.S.O., London, December 1969.Google Scholar
  110. 107.
    G. F. Rainnie, (ed.), The Woollen and Worsted Industry, Clarendon Press, Oxford, 1965.Google Scholar
  111. 108.
    Report of the Committee of Enquiry into the Relationship of the Pharmaceutical Industry with the National Health Service (Sainsbury Committee), Cmnd. 3410, H.M.S.O., London, September 1967.Google Scholar
  112. 109.
    Report of the Committee on Resale Price Maintenance (Lloyd Jacob Committee), Cmnd. 7696, H.M.S.O., London, 1949.Google Scholar
  113. 110.
    Report of the Committee on Turnover Tax (Richardson Committee), Cmnd. 2300, H.M.S.O., London, March 1964.Google Scholar
  114. 111.
    Reports of Restrictive Practices Cases. The Incorporated Society of Law Reporting, London, 1956 onwards.Google Scholar
  115. 112.
    Reports of Restrictive Practices Cases, Volume 5, Part I British Heavy Steelmakers’ Agreement. The Incorporated Council of Law Reporting for England and Wales, London, October 1964.Google Scholar
  116. 113.
    Sir D. Robertson, “Some Recent (1950–1955) Writings on the Theory of Pricing,” in Economic Commentaries, Staple Press, London, 1956.Google Scholar
  117. 114.
    Sir D. Robertson, Lectures on Economic Principles, Volume I, Staples Press, London, 1957.Google Scholar
  118. 115.
    E. A. G. Robinson, Monopoly, Nisbet, London, 1941.Google Scholar
  119. 116.
    E. A. G. Robinson, “The Pricing of Manufactured Products,” economic journal, December 1950.Google Scholar
  120. 117.
    E. A. G. Robinson, “The Pricing of Manufactured Products and the Case against Imperfect Competition: a Rejoinder,” economic journal, June 1951.Google Scholar
  121. 118.
    J. Robinson, The Economics of Imperfect Competition, Macmillan, London, 1933; second edition, 1969.Google Scholar
  122. 119.
    J. Robinson, “Imperfect Competition Revisited,” economic journal, September 1953.Google Scholar
  123. 120.
    R. Robson, The Cotton Industry in Britain, Macmillan, London, 1957.Google Scholar
  124. 121.
    L. Rostas, Productivity, Prices and Distribution in Selected British Industries, National Institute of Economic and Social Research, Occasional Papers: 11, Cambridge University Press, 1948.Google Scholar
  125. 122.
    K. W. Rothschild, “Price Theory and Oligopoly,” economic journal, September 1947.Google Scholar
  126. 123.
    W. E. G. Salter, Productivity and Technical Change, Department of Applied Economics, Monographs, 6, Cambridge University Press, 1960.Google Scholar
  127. 124.
    J. M. Samuels and D. J. Smyth, “Profits, Variability of Profits, and Firm Size,” Economica, New Series, May 1968.Google Scholar
  128. 125.
    K. Sato, “Price-Cost, Structure and Behavior of Profit Margins,” Yale Economic Essays, No. 2, 1961.Google Scholar
  129. 126.
    D. Schwartzman, “The Effect of Monopoly on Price,” Journal of Political Economy, August 1959.Google Scholar
  130. 127.
    Select Committee on Nationalised Industries, Session 1967–1968, First Report, H.M.S.O., London, 1968.Google Scholar
  131. 128.
    Selective Employment Tax, Cmnd. 2986, H.M.S.O., London, 1966.Google Scholar
  132. 129.
    M. Shubik, Strategy and Market Structure, Competition, Oligopoly and the Theory of Games, Wiley, New York, 1959.Google Scholar
  133. 130.
    A. Silberston, “The Pricing of Manufactured Products: a Comment,” economic journal, June 1951.Google Scholar
  134. 131.
    H. A. Simon, “A Behavioral Model of Rational Choice,” Quarterly Journal of Economics, February 1955.Google Scholar
  135. 132.
    H. A. Simon, “Theories of Decision-making in Economics and Behavioral Science,” American Economic Review, June 1959.Google Scholar
  136. 133.
    A. Singh and G. Whittington, Growth, Profitability and Valuation, Department of Applied Economics Occasional Papers, 7, Cambridge University Press, 1968.Google Scholar
  137. 134.
    P. Sraffa, “The Laws of Returns under Competitive Conditions,” economic journal, December 1926.Google Scholar
  138. 135.
    H. von Stackelberg, The Theory of the Market Economy, translated by Alan T. Peacock, Oxford University Press, New York, 1952.Google Scholar
  139. 136.
    G. J. Stigler, “The Kinky Oligopoly Demand Curve and Rigid Prices,” Journal of Political Economy, October 1947.Google Scholar
  140. 137.
    G. J. Stigler, Capital and Rates of Return in Manufacturing Industries, Princeton University Press, 1963.Google Scholar
  141. 138.
    A. Sutherland, The Monopolies Commission in Action, Department of Applied Economics Occasional Papers, 21, Cambridge University Press, 1969.Google Scholar
  142. 139.
    P. M. Sweezy, “Demand under Conditions of Oligopoly,” Journal of Political Economy, August 1939.Google Scholar
  143. 140.
    P. Sylos-Labini, Oligopoly and Technical Progress, Harvard University Press, Cambridge, 1962; revised edition, 1969.Google Scholar
  144. 140a.
    P. Sylos-Labini, “Prices Distribution and Investment in Italy, 1951–66: an Interpretation,” Banca Nazionale del Lavoro Quarterly Review, December 1967.Google Scholar
  145. 141.
    W. L. Thorp and W. F. Crowder, “Concentration and Product Characteristics as Factors in Price-Quantity Behavior,” American Economic Review, February 1941.Google Scholar
  146. 142.
    R. Triffin, Monopolistic Competition and General Equilibrium Theory, Harvard Economic Studies, 67, Cambridge, Mass., 1940.Google Scholar
  147. 143.
    D. F. Turner and O. E. Williamson, “Market Structures in Relation to Technical and Organisational Innovation,” paper prepared for the International Conference on Monopolies, Mergers and Restrictive Practices, Cambridge, 1969.Google Scholar
  148. 144.
    United States Senate Committee on the Judiciary, Sub-Committee on Anti-Trust and Monopoly Administered Prices: Steel 85th (2) 1958 Administered Prices: Autos 85th (2) 1958 Administered Prices: Bread 86th (2) 1961 Administered Prices: Drugs 87th (1) 1962 Government Printing Office, Washington.Google Scholar
  149. 145.
    United States Senate Committee on the Judiciary, Sub-Committee on Anti-Trust and Monopoly, Hearings on Administered Prices, July 1957 to March 1963 in 26 volumes, Government Printing Office, Washington.Google Scholar
  150. 146.
    J. von Neumann and O. Morgenstern, Theory of Games and Economic Behavior, Princeton University Press, Princeton, 1947.Google Scholar
  151. 147.
    L. W. Weiss, “Average Concentration Ratios and Industrial Performance,” Journal of Industrial Economics, July 1963.Google Scholar
  152. 148.
    L. W. Weiss, “Business Pricing Policies and Inflation Reconsidered,” Journal of Political Economy, April 1966.Google Scholar
  153. 149.
    O. E. Williamson, “A Dynamic-Stochastic Theory of Managerial Behavior,” in Prices: Issues in Theory, Practice and Public Policy, ed. A. Phillips and O. E. Williamson, University of Philadelphia Press, Philadelphia, 1968.Google Scholar
  154. 150.
    O. E. Williamson, “A Model of Rational Managerial Behaviour,” in R. M. Cyert and J. G. March, A Behavioral Theory of the Firm.Google Scholar
  155. 151.
    O. E. Williamson, The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm, Markham Publishing Co., Chicago, 1967.Google Scholar
  156. 152.
    B. S. Yamey, Resale Price Maintenance, Weidenfeld and Nicolson, London, 1966.Google Scholar
  157. 153.
    W. J. Yordon, Jr., “Industrial Concentration and Price Flexibility in Inflation: Price Response Rates in 14 industries 1947–1958,” Review of Economics and Statistics, August 1961.Google Scholar

Copyright information

© The Royal Economic Society and the Social Science Research Council 1973

Authors and Affiliations

  • Aubrey Silberston

There are no affiliations available

Personalised recommendations