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Second-best pricing with upstream distortions |
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| Authors: | Glenn A Woroch |
| Institution: | University of Rochester, Rochester, NY 14627, USA |
| Abstract: | Optimal pricing by a public firm facing an upstream monopolist and monopsonist is compared with the first-best rule, itself a modified Ramsey formula. Deviations from marginal cost are larger and occur even in the absence of a budget constraint. |
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