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On the Theory of Oligopoly

In: Readings in Industrial Economics

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  • W. J. Baumol

Abstract

The oligopoly model which is described in this paper does not pretend to generality. It is meant only to describe approximately the current behaviour of a class of firms and there is no doubt that in other times and circumstances the analysis may become totally inapplicable. Nor does it say anything about the strategic give and take which plays so important a part in the theory of games. And in some respects it breaks sharply with received oligopoly theory. But the model seems to accord fairly well with my own rather spotty observation of the behaviour of a number of American business firms. Moreover, it seems to explain several well-known features of business behaviour which have been puzzling, and to carry some concrete implications for welfare economics, taxation theory, development theory and the theory of monetary and fiscal policy in which the place of oligopoly has been somewhat obscure. A few of these applications are described below.

Suggested Citation

  • W. J. Baumol, 1972. "On the Theory of Oligopoly," Palgrave Macmillan Books, in: Charles K. Rowley (ed.), Readings in Industrial Economics, chapter 15, pages 220-235, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15484-5_15
    DOI: 10.1007/978-1-349-15484-5_15
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