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/10197/1860
Date: 25-Sep-2002
Online since: 2010-02-10T17:16:56Z
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.
Type of material: Working Paper
Publisher: University College Dublin. Institute for the Study of Social Change (Geary Institute)
Series/Report no.: ISSC Discussion Paper Series; WP 2002/06
Keywords: Competition policyDixit-Stiglitz preferencesGeneral equilibriumGOLE (General Oligopolistic Equilibrium)Oligopoly
JEL Codes: D50; L13; L40
Other versions: http://www.ucd.ie/geary/static/publications/workingpapers/isscwp2002road.pdf
Language: en
Status of Item: Not peer reviewed
This item is made available under a Creative Commons License: https://creativecommons.org/licenses/by-nc-sa/1.0/
Appears in Collections:Geary Institute Working Papers

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