The road less travelled : oligopoly and competition policy in general equilibrium

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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Status of Item: Not peer reviewed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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