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The theoretical literature, and anecdotal evidence, suggests that new products are often introduced into the market at high prices which decline as the good ages, while older established goods exit the market at a discount. This was illustrated by Stokey (1979) more than 40 years ago when she found that pocket calculators entered the market at high prices which fell over time.
The theoretical literature, and anecdotal evidence, suggests that new products are often introduced into the market at high prices which decline as the good ages, while older established goods exit the market at a discount. This was illustrated by Stokey (1979) more than 40 years ago when she found that pocket calculators entered the market at high prices which fell over time.
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