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This article proposes a two-stage oligopoly model for the crude oil market. In a game of several Stackelberg leaders …-stage model better replicates the price path over the years 2003-2011 compared to a standard simultaneous-move, onestage Nash …
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This is a survey of the economic principles that underlie antitrust law and how those principles relate to competition policy. We address four core subject areas: market power, collusion, mergers between competitors, and monopolization. In each area, we select the most relevant portions of...
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This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product … excess of 10 US$ trillions (against $3 trillions of profits). Oligopoly lowers total surplus by 11.5% and depresses consumer …
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