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Sustainability In A Multiproduct And Multiple Agent Contestable Market

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  • Vincent Iehlé

Abstract

We prove that a natural monopoly can set subsidy free pricing and sustainable pricing schedules in general economic environment. The setting is a multiproduct and multiple agent contestable market where demands are elastic and where rivals can enter the sub-markets composed by a set of the products line and a set of agents. Our results suggest that the existence results of the extant literature admit analogues even in an environment where rivals have enlarged possibilities to enter the market and where demands react to prices. The approach makes use of cooperative games to deduce the main results under conditions of fair sharing cost, threshold in the consumption and regularity of the profit function.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Bulletin of Economic Research.

Volume (Year): 61 (2009)
Issue (Month): 2 (04)
Pages: 151-164

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Handle: RePEc:bla:buecrs:v:61:y:2009:i:2:p:151-164

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  1. Spulber, Daniel F., 1984. "Scale economies and existence of sustainable monopoly prices," Journal of Economic Theory, Elsevier, vol. 34(1), pages 149-163, October.
  2. Baumol, William J & Bailey, Elizabeth E & Willig, Robert D, 1977. "Weak Invisible Hand Theorems on the Sustainability of Multiproduct Natural Monopoly," American Economic Review, American Economic Association, vol. 67(3), pages 350-65, June.
  3. ten Raa, Thijs, 1983. "Supportability and anonymous equity," Journal of Economic Theory, Elsevier, vol. 31(1), pages 176-181, October.
  4. Faulhaber, Gerald R, 1975. "Cross-Subsidization: Pricing in Public Enterprises," American Economic Review, American Economic Association, vol. 65(5), pages 966-77, December.
  5. Bonnisseau, Jean-Marc & Iehle, Vincent, 2007. "Payoff-dependent balancedness and cores," Games and Economic Behavior, Elsevier, vol. 61(1), pages 1-26, October.
  6. Leonard J. Mirman, 1983. "Supportability, Sustainability and Subsidy Free Prices," Discussion Papers 563, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. John C. Panzar & Robert D. Willig, 1977. "Free Entry and the Sustainability of Natural Monopoly," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 1-22, Spring.
  8. Thijs ten Raa, 1984. "Resolution of Conjectures on the Sustainability of Natural Monopoly," RAND Journal of Economics, The RAND Corporation, vol. 15(1), pages 135-141, Spring.
  9. Sharkey, William W. & Sibley, David S., 1993. "Optimal non-linear pricing with regulatory preference over customer type," Journal of Public Economics, Elsevier, vol. 50(2), pages 197-229, February.
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