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The road less travelled : oligopoly and competition policy in general equilibrium
Author(s)
Date Issued
2002-10
Date Available
2009-07-21T14:07:59Z
Abstract
I review previous approaches to modelling oligopoly in general equilibrium, and propose
a new view which in principle overcomes their deficiencies: modelling firms as large in their own market but small in the economy as a whole. Implementing this approach requires a tractable specification of preferences. Dixit-Stiglitz preferences (which imply iso-elastic perceived demand functions) could be used, but "continuum-quadratic" preferences (which imply linear perceived demand functions) are more convenient. To illustrate their usefulness,
I construct a simple closed-economy model of oligopoly in general equilibrium and derive
some surprising implications for competition policy.
Sponsorship
Economic and Social Research Council
Type of Material
Working Paper
Publisher
University College Dublin. School of Economics
Series
UCD Centre for Economic Research Working Paper Series
WP02/22
Classification
D50
L13
L40
Subject – LCSH
Competition--Government policy
Equilibrium (Economics)
Oligopolies--Econometric models
Antitrust law
Language
English
Status of Item
Not peer reviewed
This item is made available under a Creative Commons License
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