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law of one price
The law of one price (LOP) is an economic concept which posits that "a good must sell for the same price in all locations".〔Mankiw, N. G. (2011). ''Principles of Economics'' (6th ed.). Mason, OH: South-Western Cengage Learning. Page 686.〕 The law of one price constitutes the basis of the theory of purchasing power parity and is derived from the no arbitrage assumption (''see Intuition'').
==Intuition==
The intuition behind the law of one price is based on the assumption that differences between prices are eliminated by market participants taking advantage of arbitrage opportunities.
Assume different prices for a single identical good in two locations, no transport costs and no economic barriers between both locations. The arbitrage mechanism can now be performed by both the supply and/or the demand site: All sellers have an incentive to sell their goods in the higher-priced location, driving up supply in that location and reducing supply in the lower-priced location. If demand remains constant, the higher supply will force prices to decrease in the higher-priced location, while the lowered supply in the alternative location will drive up prices there. Conversely, if all consumers move to the lower-priced location in order to buy the good at the lower price, demand will increase in the lower-priced location, and - assuming constant supply in both locations - prices will increase, whereas the decreased demand in the higher-priced location leads the prices to decrease there. Both scenarios result in a single, equal price per homogeneous good in all locations.〔
In efficient markets the convergence on one price is instant. ''For further discussion, please refer to Rational pricing''.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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