Efficiency and marginal cost pricing in dynamic competitive markets with friction
研究了存在供给摩擦的动态一般均衡模型，发现无论摩擦多小，市场价格都会在零和最高价之间波动，不会收敛到边际生产成本，且交易收益分配可能偏向供应商。
This paper examines a dynamic general equilibrium model with supply friction. With or without friction, the competitive equilibrium is efficient. Without friction, the market price is completely determined by the marginal production cost. If friction is present, no matter how small, then the market price fluctuates between zero and the choke-up price, without any tendency to converge to the marginal production cost, exhibiting considerable volatility. The distribution of the gains from trading in an efficient allocation may be skewed in favor of the supplier, although every player in the market is a price taker. Copyright ?? 2010 In-Koo Cho and Sean P. Meyn.