Consumer's welfare and change in stochastic partial-equilibrium price

Welfare Economics;Stochastic Processes

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

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. JEL: D50, L13, L4

Exclusivity and exclusion on platform markets

We examine conditions under which an exclusive license granted by the upstream producer of a component that some consumers regard as essential to one of two potential suppliers of a downstream platform market can make the unlicensed supplier unprofitable, although both firms would be profitable if both were licensed. If downstream varieties are close substitutes, an exclusive license need not be exclusionary. If downstream varieties are highly differentiated, an exclusive license is exclusionary, but it is not in the interest of the upstream firm to grant an exclusive license. For intermediate levels of product differentiation, an exclusive license is exclusionary and maximizes the upstream firm’s payoff

Bilateral oligopoly

Issued under the auspices of the Centre's research programme in Industrial OrganizationAvailable from British Library Document Supply Centre-DSC:3597.9512(no 2864) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo

Should mergers be controlled?

Issued under the auspices of the Centre's research programme in Industrial OrganizationAvailable from British Library Document Supply Centre-DSC:3597.9512(no 2705) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo

Why mergers reduce profits and raise share prices A theory of pre-emptive mergers

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.9512(2357) / BLDSC - British Library Document Supply CentreGBUnited Kingdo