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The Road Less Travelled - Oligopoly and Competition Policy in General Equilibrium

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Author Info
J Peter Neary (University College Dublin)

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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.

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File URL: http://www.ucd.ie/economics/research/papers/2002/WP02.22.pdf
File Format: application/pdf
File Function: First version, 2002
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Publisher Info
Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 200222.

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Length: 25 pages
Date of creation: 23 Sep 2002
Date of revision:
Handle: RePEc:ucn:wpaper:200222

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Postal: UCD, Belfield, Dublin 4
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Web page: http://www.ucd.ie/economics
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Related research
Keywords: competition policy; Dixit-Stiglitz preferences; general equilibrium; GOLE (General Oligopolistic Equilibrium); oligopoly;

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Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
L40 - Industrial Organization - - Antitrust Issues and Policies - - - General

Cited by:
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  1. Neary, J Peter & Tharakan, Joe, 2006. "Endogenous Mode of Competition in General Equilibrium," CEPR Discussion Papers 5943, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. J Peter Neary, 2002. "Globalisation and Market Structure," Working Papers 200220, School Of Economics, University College Dublin. [Downloadable!]
    Other versions:
  3. Dirk Willenbockel, 2005. "The Price Normalisation Problem in General Equilibriun Models with Oligopoly Power: An Attempt at Perspective," GE, Growth, Math methods 0505002, EconWPA. [Downloadable!]
  4. Alireza Naghavi & Dermot Leahy, 2008. "Intellectual Property Rights and North-South Joint Ventures," Center for Economic Research (RECent) 017, University of Modena and Reggio E., Dept. of Economics. [Downloadable!]
  5. Leopoldo Yanes, 2008. "R&D, Market Structure and Trade: A General Equilibrium Analysis," Discussion Papers Series 361, School of Economics, University of Queensland, Australia. [Downloadable!]
  6. M. Correa Lopez, 2004. "Macroeconomic Effects of Oligopolistic Competition with Wage Bargaining," Economics Discussion Papers 577, University of Essex, Department of Economics. [Downloadable!]
  7. Cosimo Beverelli Kornel Mahlstein, . "Outsourcing and Competition Policy," HEI Working Papers 11-2007, Economics Section, The Graduate Institute of International Studies. [Downloadable!]
  8. M. Correa-López, 2006. "A model of unionized oligopoly in general equilibrium," The School of Economics Discussion Paper Series 0605, Economics, The University of Manchester. [Downloadable!]
  9. Leahy, Dermot & Naghavi, Alireza, 2006. "Intellectual Property Rights and Entry into a Foreign Market: FDI vs Joint Ventures," CEPR Discussion Papers 5672, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
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