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A Theory of Oligopolistic Competition

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  • Greenhut, M L
  • Lane, W J

Abstract

Contestability has shown how free entry can extend the efficient pricing result of perfect competition to oligopoly (and monopoly) markets. This paper adds another welfare result: production in competitive oligopoly markets will occur at minimum average cost. This comes from a model that is competitive because of free entry and oligopolistic because the decisionmakers take explicit account not only of the possible responses of rivals, but also of the uncertainty created by not being able to predict what those responses might be. This leads to a long-run oligopolisticly competitive equilibrium with the welfare properties of perfect competition. Copyright 1989 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Greenhut, M L & Lane, W J, 1989. "A Theory of Oligopolistic Competition," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(3), pages 248-261, September.
    • Handle: RePEc:bla:manch2:v:57:y:1989:i:3:p:248-61
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