By Louis Phlips
This ebook is a vital choice of papers released over the last ten years in American and eu journals. half 1 explains marketplace constitution as a functionality of sunk bills and marketplace dimension. half 2 illustrates the critical function of pricing schemes (including parallel pricing, brought pricing and festival clauses) in maintaining equilibrium results in oligopolistic markets. elements three and four supply a game-theoretic origin to pageant coverage and merger keep watch over. Louis Phlips deals a finished creation to the textual content within which he very rigorously explains the reasoning at the back of his selection of papers, and gives an outstanding synthesis of the fabric.
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Additional info for Applied Industrial Economics
Ghemawat, P. and B. Nalebuff (1985), 'Exit', Rand Journal of Economics, 16, 184-94. I. and I. Zang (1990), 'The limits of monopolization through acquisition', Quarterly Journal of Economics, May, 465-99. Kirman, A. and L. Phlips (1996a), 'Empirical studies of product markets', in B. ), Economics in a Changing World, vol. II, London, Macmillan and St Martin's Press. (1996b), 'Exchange-rate pass-through and market structure', Journal of Economics, 64, 129-54. Londregan, J. (1990), 'Entry and exit over the industry life cycle', Rand Journal of Economics, 21, 446-58.
The intuitive reason is that, when all competitors have a best-price clause, and a general discount given by firm / is met by all other firms, then offering a (small) discount does not take sales away from anybody. Consequently, using this clause allows all competitors to stick to their desired sales quantities, which are the Cournot quantities. This being the case, the only reason for a firm to actually undercut the common price is the possibility of making new sales by a unilateral output expansion.
This theoretical framework is set out in detail in chapters 2 and 3. In what follows, a brief description of the main features of the theory is presented, as a prelude to summarizing the contents of later chapters. Exogenous sunk costs (i) The way in which the central notion of sunk costs is captured in the present study is by modelling industry equilibrium in terms of a two-stage game. At stage 1 of the game firms incur fixed outlays, which are associated with acquiring a single plant of minimum efficient scale (set-up costs), and developing and establishing a product line (possibly incurring advertising and R&D outlays).
Applied Industrial Economics by Louis Phlips