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
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Date: Oct-2002
Online since: 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.
Funding Details: Economic and Social Research Council
Type of material: Working Paper
Publisher: University College Dublin. School of Economics
Series/Report no.: UCD Centre for Economic Research Working Paper Series; WP02/22
Keywords: Competition policyDixit-Stiglitz preferencesGeneral equilibriumGOLE (General Oligopolistic Equilibrium)Oligopoly
Subject LCSH: Competition--Government policy
Equilibrium (Economics)
Oligopolies--Econometric models
Antitrust law
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Language: en
Status of Item: Not peer reviewed
Appears in Collections:Economics Working Papers & Policy Papers

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