Parameters of the retail trade model : a utility based interpretation

Isaacs, L. T. (Lewis Thomas) Parameters of the retail trade model : a utility based interpretation. St. Lucia: Dept. of Civil Engineering, University of Queensland, 1982.

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Author Isaacs, L. T. (Lewis Thomas)
Title Parameters of the retail trade model : a utility based interpretation
Place of Publication St. Lucia
Publisher Dept. of Civil Engineering, University of Queensland
Publication year 1982
Sub-type Other
Open Access Status File (Publisher version)
Series Research report (University of Queensland. Dept. of Civil Engineering) ; no.CE 37.
Language eng
Total number of pages 22
Year available 1982
Subjects 290800 Civil Engineering
Formatted Abstract/Summary



Recently, attention has been directed at the existence and stability of the supply-side equilibra 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. These two concerns are not unrelated. This research has demonstrated the important role played by the model parameters in determining the modelled behaviour of the retail trade market. However, it is suggested that until we have a firm conceptual basis for these parameters, and for the model itself, we may only succeed 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. In particular, a utility based interpretation of the so-called 'consumer scale economies' postulated as present in the model through the attractiveness terms will be provided.

Keyword Retail trade -- Mathematical models
Utility theory
Q-Index Code AX
Q-Index Status Provisional Code
Institutional Status Unknown

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Created: Thu, 16 Aug 2012, 21:05:20 EST by Talha Alam on behalf of The University of Queensland Library