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The road less travelled : oligopoly and competition policy in general equilibrium
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| WP02.22.pdf | 505.15 kB | Adobe PDF | Download |
| Title: | The road less travelled : oligopoly and competition policy in general equilibrium | Authors: | Neary, J. Peter | Permanent link: | http://hdl.handle.net/10197/1259 | Date: | Oct-2002 | 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. | Funding Details: | Economic and Social Research Council | Type of material: | Working Paper | Publisher: | University College Dublin. School of Economics | Keywords: | Competition policy;Dixit-Stiglitz preferences;General equilibrium;GOLE (General Oligopolistic Equilibrium);Oligopoly | Subject LCSH: | Competition--Government policy Equilibrium (Economics) Oligopolies--Econometric models Antitrust law |
Language: | en | Status of Item: | Not peer reviewed |
| Appears in Collections: | Economics Working Papers & Policy Papers |
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