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Competitive markets and “as if” methodology

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Author Info
Antonio Quesada (Universitat Rovira i Virgili, Spain)

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Abstract

Two results showing the limitations of the “as if” methodology are proved under relatively mild assumptions. In an interpretation of the results, a competitive market cannot simulate the outcome of a market M in which the single price assumption does not hold. In a second interpretation, the market M resulting from the aggregation of a finite number of competitive markets is not competitive. In both cases there is no ground to sustain the fiction that M operates as if it were competitive.

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File URL: http://129.3.20.41/eps/mic/papers/0504/0504003.pdf
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Publisher Info
Paper provided by EconWPA in its series Microeconomics with number 0504003.

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Length: 8 pages
Date of creation: 11 Apr 2005
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Handle: RePEc:wpa:wuwpmi:0504003

Note: Type of Document - pdf; pages: 8
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Web page: http://129.3.20.41

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Related research
Keywords: “As if” methodology Competitive market Market aggregation Market simulation Price aggregation.

Find related papers by JEL classification:
D40 - Microeconomics - - Market Structure and Pricing - - - General
E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Boland, Lawrence A, 1979. "A Critique of Friedman's Critics," Journal of Economic Literature, American Economic Association, vol. 17(2), pages 503-22, June. [Downloadable!] (restricted)
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