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Modelling Policy Issues in a World of Imperfect Competition

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  • Dierker, Egbert
  • Grodal, Birgit

Abstract

General equilibrium theory constitutes a sound basis for the discussion of policy issues if firms do not have market power. However, if firms influence prices strategically, the concept of profits loses its meaning due to the price normalization problem. Hence, it is unclear how to model the behavior of oligopolistic firms. In order to provide a conceptual foundation for the analysis of policy issues in the case of imperfect competition, the authors discuss ways to formulate the objective of a strategic firm. In particular, they investigate the concept of real wealth maximization that is based on profits as well as on shareholders' aggregate demand. Copyright 1998 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 100 (1998)
Issue (Month): 1 (March)
Pages: 153-79

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Handle: RePEc:bla:scandj:v:100:y:1998:i:1:p:153-79

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Ramón Torregrosa, 2008. "Macroeconomic effects of an indirect tax substitution," Journal of Economics, Springer, vol. 94(3), pages 199-221, September.
  2. Willenbockel, Dirk, 2004. "Specification choice and robustness in CGE trade policy analysis with imperfect competition," Economic Modelling, Elsevier, vol. 21(6), pages 1065-1099, December.
  3. Donald J. Brown & G.A. Wood, 2004. "The Social Cost of Monopoly Power," Cowles Foundation Discussion Papers 1466, Cowles Foundation for Research in Economics, Yale University.
  4. J.Peter Neary, 2003. "Globalisation and Market Structure," DNB Staff Reports (discontinued) 100, Netherlands Central Bank.
  5. Dirk Willenbockel, 2005. "The Price Normalisation Problem in General Equilibriun Models with Oligopoly Power: An Attempt at Perspective," GE, Growth, Math methods 0505002, EconWPA.
  6. Egbert Dierker & Hildegard Dierker & Birgit Grodal, 2003. "Cournot-Nash Competition in a General Equilibrium Model of International Trade," Vienna Economics Papers 0308, University of Vienna, Department of Economics.

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