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Monopoly Equilibria and Catastrophe Theory

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  • Bonanno, Giacomo

Abstract

A simple characterization of profit maximization is provided, based on the hazard rate function corresponding to the distribution of res ervation prices. Catastrophe theory is then applied to characterize t he dependence of equilibrium price and output on cost and demand cond itions. The analysis is concluded with an example where the monopolis t's reaction to changes in demand is not only discontinuous but also perverse. Copyright 1987 by Blackwell Publishers Ltd/University of Adelaide and Flinders University of South Australia

Suggested Citation

  • Bonanno, Giacomo, 1987. "Monopoly Equilibria and Catastrophe Theory," Australian Economic Papers, Wiley Blackwell, vol. 26(49), pages 197-215, December.
    • Handle: RePEc:bla:ausecp:v:26:y:1987:i:49:p:197-215
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    Cited by:

    1. Zhang, Kun & Wang, Jin, 2017. "Landscape and flux theory of non-equilibrium open economy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 482(C), pages 189-208.
    2. Kun Zhang & Erkang Wang & Jin Wang, 2021. "Searching for the physical origin of bifurcations in non-equilibrium economy," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 94(10), pages 1-9, October.
    3. D. P. O'Brien, 1992. "Economists and Data," British Journal of Industrial Relations, London School of Economics, vol. 30(2), pages 253-285, June.
    4. Rosser Jr., J. Barkley, 2007. "The rise and fall of catastrophe theory applications in economics: Was the baby thrown out with the bathwater?," Journal of Economic Dynamics and Control, Elsevier, vol. 31(10), pages 3255-3280, October.

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