Toward a usable general theory of oligopoly |
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Authors: | Robert E. Kuenne |
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Affiliation: | (1) General Economic System Project, Princeton, New Jersey, USA |
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Abstract: | Summary This paper propounds a determinate and operational framework for the analysis of the oligopolistic firm's and industry's price-output equilibrium. It emphasizes the implicit collusion and restrained rivalry in the realistic market structure revealed by empirical investigators, and thereby takes a different route from the traditional Cournot-Stackelberg and game-theoretic approaches. It incorporates the multiobjective nature of the firm's decisionmaking, and draws upon nonlinear programming and parametric programming theory to offer a flexible framework to accommodate a wide variety of behavior patterns in such industries. Several simple examples employing fictional data are used to illustrate the models. |
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