credibility

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credibility

  1. 1the extent to which individuals and firms believe that the government will carry out the macro-economic policies that it promises to pursue. Credibility is important in influencing the EXPECTATIONS that individuals and firms have about future economic policies, and these expectations in turn affect their current behaviour.
  2. the extent to which potential market entrants believe that incumbent firms will react to their entry, for example, by cutting their prices. The credibility of such threats by incumbent firms will determine whether potential entrants decide to enter a market.
See BARRIERS TO ENTRY, LIMIT PRICING, POTENTIAL ENTRANT.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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References in classic literature ?
But his pocketbook (seen by witnesses who had not yet been examined) was missing.
Ginevra herself was dressed simply, as befitted her present fortunes; and yet her beauty was so noble and so imposing that the words of greeting died away on the lips of the witnesses, who supposed themselves obliged to pay her some usual compliments.
Every detail of the damaging circumstances that occurred in the graveyard upon that morning which all present remembered so well was brought out by credible witnesses, but none of them were cross- examined by Potter's lawyer.
Then come the witnesses to character, and here Mr Brass's gentleman shines again.
Several witnesses swore they heard Judge Driscoll say in his public speech that the twins would be able to find their lost knife again when they needed it to assassinate somebody with.
When these details had been supplied, though not explained, the first of the important witnesses was called.
Ferguson's witnesses. Hence the doctor at once asked them to give their official testimony of his arrival at the cataracts of Gouina.
Rouletabille bowed to the President, and made his way to the door of the witnesses' room.
He had no knowledge of what was likely to be said by the witnesses on the trial, for he had shrunk from all the particulars connected with Hetty's arrest and accusation.
Garrow, whose subtle cross-examination of witnesses and masterly, if sometimes startling, methods of arriving at the truth seemed more thrilling to us than any novel.
When certain witnesses appeared against him, he looked at them with a momentary attention.
He has started some nonsensical objection to his wife being one of the witnesses, and has obliged me to ask you to join us in the library."