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An Elasticity Measure of Welfare Loss in Symmetric Oligopoly

Author

Listed:
  • Tim James
  • Jolian McHardy

    () (Department of Economics, The University of Sheffield Author-Person=pmc71)

Abstract

We derive a measure of welfare loss as a proportion of the value of sales under quantity-setting symmetric oligopoly in terms of the equilibrium industry price elasticity of demand, the number of firms in the industry and a conjectural variation term in the context of the standard linear model. This generalises the monopoly measure in James and McHardy (1997).

Suggested Citation

  • Tim James & Jolian McHardy, 2009. "An Elasticity Measure of Welfare Loss in Symmetric Oligopoly," Working Papers 2009013, The University of Sheffield, Department of Economics, revised Jun 2009.
  • Handle: RePEc:shf:wpaper:2009013
    as

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    File URL: http://www.shef.ac.uk/content/1/c6/09/79/29/SERP2009013.pdf
    File Function: First version, 2009
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    References listed on IDEAS

    as
    1. Lewis, Jeffrey D. & Robinson, Sherman & Wang, Zhi, 1995. "Beyond the Uruguay Round: The implications of an Asian free trade area," China Economic Review, Elsevier, vol. 6(1), pages 35-90.
    2. Devaragan, Shantayanan & Lewis, Jeffrey D. & Robinson, Sherman, 1990. "Policy lessons from trade-focused, two-sector models," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 625-657.
    3. Hertel, Thomas, 1997. "Global Trade Analysis: Modeling and applications," GTAP Books, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University, number 7685.
    4. Pyatt, Graham, 1991. "SAMs, the SNA and National Accounting Capabilities," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 37(2), pages 177-198, June.
    5. Pyatt, Graham & Round, Jeffrey I, 1977. "Social Accounting Matrices for Development Planning," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 23(4), pages 339-364, December.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Oligopoly; Welfare loss; Elasticity;

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General

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