Correlated Demand Shocks and Price Wars During Booms
重新检验了Rotemberg和Saloner（1986）的价格竞争超级博弈模型，在需求冲击序列相关的情况下，发现均衡价格仍呈现反周期波动，但需满足折现因子与企业数量的特定关系。
The supergame-theoretic model of price competition (Rotemberg and Saloner (1986)) is re-examined in the case of serially correlated demand shocks. The equilibrium price is shown to exhibit the same counter-cyclical movement as in the i.i.d. case, if the discount factor and the number of firms satisfy certain relationship.