Rational rationing and increasing returns an example |
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Authors: | Geoffrey Heal |
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Institution: | University of Essex, Colchester CO4 3SQ, UK |
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Abstract: | The paper gives an example of an economy where it is rational for a monopolist to control a competitive agent by setting both prices and quantities supplied. There are increasing returns in production, and the competitive agent has a discontinuous offer curve. The monopolist reaches points in the discontinuity by rationing. |
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