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A dynamic Bertrand-duopoly model where price leadership emerges in equilibrium is developed. In the price leadership equilibrium, a firm leads price changes and its competitor always matches in the next period. The firms produce a homogeneous product and are identical except for the information...
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challenge for optimal antitrust enforcement. We integrate the mentioned legal principles into an infinitely-repeated oligopoly …
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In this paper we set out the welfare economics based case for imposing cartel penalties on the cartel overcharge rather than on the more conventional bases of revenue or profits (illegal gains). To do this we undertake a systematic comparison of a penalty based on the cartel overcharge with...
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Multiple Cournot oligopoly experiments found more collusive behavior in markets with fewer firms (Huck et al., 2004 …
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The literature on cartel stability sidelines antitrust policy, whereas the literature on antitrust policy tends to neglect issues of cartel stability. This paper attempts to connect these two interrelated aspects in the context of an augmented quantity leadership model. The cartel is the...
Persistent link: https://www.econbiz.de/10012012419
reconciled with principles of oligopoly theory. This article (1) presents a fundamental reconceptualization of our understanding …
Persistent link: https://www.econbiz.de/10011810824