The road less travelled : oligopoly and competition policy in general equilibrium
|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 policy; Dixit-Stiglitz preferences; General equilibrium; GOLE (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of Item:||Not peer reviewed||This item is made available under a Creative Commons License:||https://creativecommons.org/licenses/by-nc-sa/1.0/|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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