Abstract
The theory is an ingenious rationalization of the price rigidities that were reported in many statistical studies of prices during the thirties, and no doubt this explains its popularity. But no one, so far as I know, has examined in detail either the pure theory of the kinky demand curve or the degree of correspondence between the price patterns implied by the theory and the observed price patterns in oligopolistic industries. These two tasks will be undertaken in Parts I and II, respectively, of this paper. I. THE FORMAL THEORY
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