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Chicago price theory meets imperfect competition: A common ownership approach

Author

Listed:
  • Takanori Adachi

    (Graduate School of Management and Graduate School of Economics, Kyoto University)

  • Leer Bao

    (Graduate School of Economics, Nagoya University)

Abstract

In this paper, we provide a formulation of how imperfect competition in the product market is incorporated into the industry model described in Chapter 11 of Chicago Price Theory (Jaffe, Minton, Mulligan, and Murphy 2019, CPT). A generalized version of the perturbed system of the industry is shown and used to analyze the effect of a wage increase in the long-run as well as in the short-run in relation to the intensity of competition. perturbed system of the industry is shown and used to analyze the effect of a wage increase in the long-run as well as in the short-run in relation to the intensity of competition.

Suggested Citation

  • Takanori Adachi & Leer Bao, 2022. "Chicago price theory meets imperfect competition: A common ownership approach," Economics Bulletin, AccessEcon, vol. 42(4), pages 1848-1857.
    • Handle: RePEc:ebl:ecbull:eb-22-00628
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    File URL: http://www.accessecon.com/Pubs/EB/2022/Volume42/EB-22-V42-I4-P154.pdf
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    More about this item

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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