Monopsonistically/monopolistically competitive regional development: Public correction of market outcomes |
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Authors: | Robert G. Wolf |
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Affiliation: | Department of Economics, Tufts University, Medford, Massachusetts 02155 USA |
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Abstract: | A model of regional market development is constructed which captures the inefficiencies typical in most of the related literature, and a variety of corrective policy options are explored. For taxes and subsidies, there is no dominant policy with each limited by the zero-profit constraint on entry, informational problems, or adverse distributional considerations. Discriminatory pricing decreases efficiency, but uniform pricing achieves optimal allocations. Public production has certain informational advantages. |
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