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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)

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 Function: First version, 2002
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Bibliographic 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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Related research

Keywords: competition policy; Dixit-Stiglitz preferences; general equilibrium; GOLE (General Oligopolistic Equilibrium); oligopoly;

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Cited by:
  1. J Peter Neary & Joe Tharakan, 2005. "Endogenous Mode of Competition in General Equilibrium," Working Papers 200526, School Of Economics, University College Dublin.
  2. J Peter Neary, 2002. "Globalisation and Market Structure," Working Papers 200220, School Of Economics, University College Dublin.
  3. 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.
  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.
  5. Cosimo Beverelli & Kornel Mahlstein, 2011. "Outsourcing and Competition Policy," Journal of Industry, Competition and Trade, Springer, vol. 11(2), pages 131-147, June.
  6. Dirk Willenbockel, 2005. "The Price Normalisation Problem in General Equilibriun Models with Oligopoly Power: An Attempt at Perspective," GE, Growth, Math methods 0505002, EconWPA.
  7. Leopoldo Yanes, 2008. "R&D, Market Structure and Trade: A General Equilibrium Analysis," Discussion Papers Series 361, School of Economics, University of Queensland, Australia.

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