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Economic Journal

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Опубликовано на портале: 07-02-2003
B. Curtis Eaton, Richard G. Lipsey Economic Journal. 1978.  Vol. 88. No. 351. P. 455-69. 
We have demonstrated that zero pure profit is not a necessary condition of free-entry equilibrium in a model in which the market is spatially extended and longrun cost curves decline over some initial range. We have shown that neither price competition among existing firms nor the entry of new firms will necessarily drive profits to zero. This is true even when firms assume that they can cut their own price without reaction from their competitors, and when new entrants rationally calculate whether or not their entry will force existing firms to relocate. We have further shown, in a specific example, that rates of return on capital of up to twice the competitive rate are possible in free-entry equilibrium. The model of this paper is formulated in terms of geographical differentiation among firms. There would seem, however, to be significant applications to product differentiation, where firms sell products with different locations in characteristics space, and a new product fitting in between two established ones must expect a market significantly smaller than those obtained by "neighbouring" products before entry. For a discussion of some of the issues involved in handling monopolistic competition in characteristic space see Archibald and Kosenbluth (1975) and for a practical application that uses some of the properties developed in our model see Schmalensee (1977). [Авторский текст]
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Опубликовано на портале: 07-02-2003
Keith Cowling, Dennis C. Mueller Economic Journal. 1978.  Vol. 88. No. 352. P. 727-748. 
In 1954, Arnold Harberger estimated the welfare losses from monopoly for the United States at o.i of 1% of GNP. Several studies have appeared since, reconfirming Harberger's early low estimates using different assumptions. The present paper levels several objections against the Harberger-type approach. It then calculates estimates of the welfare loss from monopoly using procedures derived to meet these objections, and obtains estimates significantly greater than those of previous studies. Although several of the objections we make have been made by other writers, none has systematically adjusted the basic Harberger technique to take them into account. Thus all previous estimates of monopoly welfare losses suffer in varying degrees from the same biases incorporated in Harberger's original estimates. We present estimates for both the United States and the United Kingdom based on data gathered at the firm level. [Авторский текст]
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