Mark Blaug's scientific contributions

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Publication (1)

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... This basically predicts an asymmetric behaviour of firms in response to a price change, each expecting its rivals to be more reactive in matching its price cuts than its price increases. This prediction has been empirically tested by Hall and Hitch (1939) and later by Bhaskar et al. (1991), extensively criticized as not grounded in rational behaviour by Stigler (1947), Domberger (1979), Reid (1981) and more recently analyzed in a dynamic settings by Marschak and Selten (1978), Maskin and Tirole (1988) and Bhaskar (1988). ...
Reference: Kinked norms of behaviour and cooperation
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