When the labor supply schedule is bending forward at low wage levels, the average cost curve of firms does the same. This leads to the possibility of multiple equilibria, in particular for monopolists, thereby opening a broader range of options and keeping non-profitable firms in business....

Purpose – This paper aims to discuss whether product research and development (R&D) in developed economies tends to be too high compared with the socially desired level. Design/methodology/approach – In this context, a model of vertical and horizontal product differentiation within the...

Purpose – The purpose of this paper is twofold: to investigate the market structure of Saudi Arabia banking industry; and to evaluate the monopoly power of banks during the years 1993-2006. Design/methodology/approach – The paper is examining the market structure using the most frequently...

Tries to assess the place of Da Empoli’s Theory of Economic Equilibrium, a book on the development of thinking on market structures and price theory. It is an early and important, though almost neglected, contribution. Neglected because the main developments in the 1930s and later on were on...

This is a study of Attilio da Empoli’s reception in English. Describes the search to find his works or references to him. Gives details of the search process. There are only a few references to his work in English. There is nothing about his life in English. The first biography in English,...

Using the team performance-club profit framework, a formal model is developed of the determination of the transfer fees paid by football clubs when players are traded for cash. It is argued that transfer fees can involve monopoly rents; the selling club extracts a share of the nonnegative...

Reconsiders Umberto Ricci’s harsh comments on the book of the young Attilio da Empoli about the Theory of Economic Equilibrium and also re-examines da Empoli’s original theses about “ultramarginality” that aroused Umberto Ricci’s fierce criticism. In his reply, da Empoli punctually...

Considers the contribution of Attilio da Empoli to the theory of value and distribution and especially his contribution to the theory of monopolistic competition. During the 1920s a lively discussion developed about the link between the cost structure of the individual firm and the degree of...

Solves von Stackelberg equilibria in a Bertrand-Edgeworth duopoly game. Shows that, initially, the environment is characterized by efficient rationing and capacity constraints. Since interest lies in sustaining monopoly outcomes from non-co-operative behaviour, introduces the buyout option,...

Reviews the international response to Marktform und Gleichgewicht, and questions the reactions of astonishment by some critics, including Scherer, concerning Stackelberg’s explanation of disequilibrium of certain market structures. Defends Stackelberg’s standpoint by considering the specific...