Asymmetric Price Competition with Price Inertia
分析价格惯性下的价格竞争，发现即使只有极少数消费者有品牌忠诚，拥有较少忠实顾客的企业也能对所有剩余消费者获得垄断力量。
In this article, I analyze price competition under price inertia. After setting prices, sellers are unable to change them for a period of predetermined length, but may delay price commitments indefinitely. Although most consumers consider the firms' products to be perfect substitutes, an arbitrarily small number of consumers display brand loyalty to a particular firm, even when the competing brand is cheaper. In this article, I show that a firm with even slightly fewer captive consumers than its competitor achieves monopoly power over all remaining consumers.