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355-015 Svoboda Kopecka.Indd Agric. Econ. – Czech, 63, 2017 (0): 00– Original Paper doi: 10.17221/355/2015-AGRICECON The Sweezy model of price competition among private labels of chain stores Roman Svoboda*, Lenka Kopecka Faculty of Economics and Management, Czech University of Life Sciences, Prague, Czech Republic *Corresponding author: [email protected] Svoboda R., Kopecka L. (2017): Th e Sweezy model of price competition among private labels of chain stores. Agric. Econ. – Czech, 63: Abstract: Th e aim of the paper is to verify and explain the actual eff ects of the Sweezy oligopoly model and its eventual im- pact on the consumer demand and the structure of the food supply of chain stores. Th e methodology of the paper is based on a comparative analysis of the structure of commodities of chain stores in the Czech Republic in terms of consumer demand and its change over time. An example of this model behaviour of fi rms may be the competition between two super- market chains Billa and Kaufl and in the market with private label products (e.g. pork meat). Results of the analysis of the Sweezy model imply that the change in company costs due to higher prices of inputs does not aff ect product prices and this is the reason behind the rigidity of prices in the oligopolistic markets in the Sweezy model. Keywords: consumer demand, food, oligopoly, pork neck, rigidity of prices We can define oligopoly as a market model type opolistic price based competition in an oligopolistic of imperfect competition, which is characterized by market is the Sweezy model, which is mentioned by a small number of companies in the sector and by the renowned economists in their publications, e.g. a relatively high degree of interdependence of their Frank (1995), Varian (1995), Samuelson and Nordhaus decisions. If the oligopolistic firm thinks about the (2007); new views on the application of the model change of price (or amount) of its production, it in an oligopolistic environment are described by will take into account not only the reaction of the Schiller (2004). prospective purchasers, but also the response of It is necessary to say that new classical economists, the competing firms. The oligopolistic firm must e.g. George Stigler, worked to discredit these kinked take into account how, as a result of their choice, demand models. Stigler in his work “The Literature the competitors change the price (quantity) of their of Economics: The Case of the Kinked Oligopoly output. The reactions of that firm are affected not Demand Curve” (1978) argues that the kinked de- only by what the competitors are doing now, but also mand models are not useful because the kinked what the firm is expecting of them. Firms in oligopoly demand analysis only suggests why prices remain react not only with each other to the change the stable and it does not describe the mechanism that prices of production, but also to the change their establishes the kink and how the kink can reform quantity, quality, advertising, etc. for each of the once prices change. competing firms. (Severová and Šrédl 2010a). One of However, the aim of the paper is not to describe the behaviour models of oligopolistic companies is a the mechanism but to verify and explain the actual duopoly. Depending on the indicator the duopolistic effects of the Sweezy oligopoly model and its eventual companies change, we differentiate the competition impact on the consumer demand and the structure as output based or price based. An example of a du- of the food supply of chain stores. Supported by the Czech University of Life Sciences Prague (Project No. 20141023 – The Validation of the Sweezy model of Price Competition in Oligopolistic Markets with Private Label Food). 1 Original Paper Agric. Econ. – Czech, 63, 2017 (0): 00– doi: 10.17221/355/2015-AGRICECON METHOD If the existing market price level of pork meat of the first company is P*, then with a price of P1 > P*, the The Sweezy model of oligopoly expected demand function will have a gentler gradi- ent (demand has a bigger price flexibility) in terms “This model was developed by Paul M. Sweezy in of the competition’s price P2 = const., since even a the late 1930s, to explain why prices in the oligopo- slight increase of P1 will cause a larger decrease of listic environment markets usually remain stable, demand q1 due to the loss of a large portion of buyers. despite the frequent and significant changes in terms But when lowering the price P1 < P*, the pork meat of costs” (Frank 1995). When applying and analysing demand function will have a steeper gradient (lower duopolistic models on food production examples, we price flexibility), because the competing company usually assume that oligopolistic companies produce will react to the decreased P1 by decreasing its P2, a homogenous product range, which they then offer so the number of gained buyers will be smaller than for the same market price. “However, the product the number of the lost ones during the increase of P1. homogeneity is not at all typical for oligopolies. In The following conditions apply (Mach 1999): P.M. Sweezy’s model, the product of each company is P1 similar, but not an exact substitute of the competing 0 for P1 > P* (1) P2 company’s product” (Frank 1995). Let us assume that the Sweezy model has two com- P2 0 for P1 < P* (2) panies offering differentiated (distinct) products, e.g. P1 pork meat products, and the company expects that the “Sweezy explains these assumptions convincingly. competing company will not react to the increased If a certain company lowers its prices, it will take market price, but will react to its decrease by decreas- over the market shares of its rival companies until ing its own price as well. Duopolistic behaviour in such a time that these companies react by adequately the Czech food market can be shown in two multi- lowering their own prices. However, should any of national retail chains like the Billa and Kaufland, and these companies increase the price of their products, their pork meat products (for example, pork neck). other rival companies, without having to do anything, Figure 1 shows two demand curves d1 and d2. The may take over the market share just by maintaining first demand curve d1 is based on the assumption that their current prices” (Frank 1995). the competing company will not react to the price The result of competing companies behaving in change (P) made by the first of the two duopolistic such a manner is a kinked demand curve, which companies. The second demand curve d2 is based on consists of two segments: the first segment (less the assumption that the competing company will react elastic) represents the reaction of a rival company to the price change of pork meat made by the first to the decrease of the pork meat price by the first company. “Each demand curve has its own marginal company; the second segment (more elastic) repre- revenue curve, as shown in Figure 1” (Schiller 2004). sents the absent reaction of the rival company to the increase of the pork meat price by the first company (Severová and Šrédl 2010b). The kink of the demand curve AED is located at the point E. Due to the unusual shape of the demand curve, the marginal revenue curve (MR1, MR2) is not continuous. “The space between the marginal revenue curve means that the marginal costs may substantially change without changing the level of the output for which revenue is maximized” (Frank 1995). “Notice that this space only exists under the kink of the demand curve. It creates a cost cushion. If the marginal cost curve runs through the space in the marginal revenue curve, then a slight shift of the cost curve will not influence production deci- Figure 1. Sweezy model sions of the oligopolistic company. This means they Source: Sweezy (1939) do not have to decrease the output level, should 2 Agric. Econ. – Czech, 63, 2017 (0): 00– Original Paper doi: 10.17221/355/2015-AGRICECON the costs increase slightly, or increase the level of oligopolistic competition, food supply chains expand output, should the costs decrease. This is why the their product range in the agrarian sector, including output of oligopolistic companies does not change, the above-mentioned meat products, and sell them neither does it change for a company in a competitive under their own private labels. They expect that the market, nor for a monopolistic company maximizing demand will increase for private label products, as revenue” (Schiller 2004). We are also interested in they are cheaper (lower MC) than the original brands. what amount of the pork meat production q will the company maximize its revenue. If we introduce a Analysis of pork meat prices in the CZ with an marginal cost curve MC into the graph, we will dis- international comparison cover that the marginal revenue (MR) and marginal costs (MC) will not reach an equilibrium under any Numbers of pigs in Czech agriculture amount of the pork meat production (q). By the end of 2009, farmers in the Czech Republic “The cost cushion, represented by the space in kept the lowest number of pigs in more than 60 years. the MR curve, will allow the oligopolistic company As of December 1st, there were 1.913 million animals; to maintain a given price for a longer period and to only in 1946 were there less. Farmers in 2009 lowered spend a larger amount on marketing (e.g. advertise- the number of pigs in the Czech Republic by more ments), when this need arises.
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