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Imperfect Competition and Fixprice Equilibria When Goods Are Gross Substitutes

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  • Madden, Paul
  • Silvestre, Joaquim

Abstract

It is possible, in principle, that the price-quantity pair generated by a model of imperfect competition may satisfy the conditions (voluntary trading and absence of frictions) for a fixprice equilibrium. It is shown that imperfect competitors will typically satisfy voluntary trading provided that appropriate gross substitute assumptions are satisfied. Hence, such assumptions are seen to ensure that the solutions of some well-known imperfectly competitive general equilibrium models are indeed fixprice equilibria, thus bringing together two important traditions in theoretical microeconomics. Copyright 1991 by The editors of the Scandinavian Journal of Economics.

Suggested Citation

  • Madden, Paul & Silvestre, Joaquim, 1991. " Imperfect Competition and Fixprice Equilibria When Goods Are Gross Substitutes," Scandinavian Journal of Economics, Wiley Blackwell, vol. 93(4), pages 479-494.
  • Handle: RePEc:bla:scandj:v:93:y:1991:i:4:p:479-94
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    Cited by:

    1. Kaas, Leo & Madden, Paul, 1999. "Equilibrium Involuntary Unemployment under Oligempory," Economics Series 68, Institute for Advanced Studies.
    2. Paul Madden, 2008. "Price, quality and welfare consequences of alternative club objectives in a professional sport league," The School of Economics Discussion Paper Series 0802, Economics, The University of Manchester.

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