Department of Economics issn Discussion paper …经济系讨论文件.pdfVIP

Department of Economics issn 1441-5429 Discussion paper 37/07 Duality in an Industry with Fluctuating Demand Waka Cheung* and Yew-Kwang Ng† Abstract: A perfect-competition model is developed to analyze duality in specialization and technology such as in the men’s clothing industry, an industry with highly seasonal nature of the business cycle. We show that when the market fluctuation is large enough, some firms will s