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Parameters of the Retail Trade Model: A Utility Based Interpretation

Trevor Grigg is at the University of Queensland, Brisbane, Australia 4067

Recently, attention has been directed at the existence and stability of the supply-side equilibria implied by the traditional retail trade model. Some interest has also been shown in the dynamic behaviour of retail suppliers by postulating various supply adjustment mechanisms in response to demand-supply imbalances. This research has demonstrated the important role played by the model parameters in determining the modelled behaviour of the retail trade market. However, until we have a firm conceptual basis for these parameters, and for the model itself, we may only be succeeding in increasing our understanding of the mathematical properties of the model without contributing significantly to an improved understanding of the interaction of retail demand and supply. The aim of this paper is to provide a probabilistic interpretation of the model and its parameters using random utility theory.

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