Economics 232 Industry and Government经济学232产业与政府.pptVIP

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Economics 232 Industry and Government经济学232产业与政府.ppt

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Economics 267Industry and Government Summer 2003 Tu-Th 9:00-12:15 Castleman 201 R. N. Langlois Langlois@UConnVM.UC /~langlois Office: Room 322 Monteith Office hours by appointment Points to remember. Come to class. Competition. What is competition? Two views of competition. Competition as a process. The competitive spectrum Perfect competition. Large number of “small” buyers and sellers. None large enough to affect market price. “Atomism.” Perfect competition. Productive resources freely mobile. Free entry and exit. No “barriers to entry.” Analysis of perfect competition. Perfect competitor is a “price taker.” Faces a perfectly horizontal demand curve. Analysis of perfect competition. In the long run, profit attracts entry. Competition as a process. Older view – before Adam Smith A comparison. A comparison. A comparison. A comparison. A comparison. Monopoly. Two systems of belief about monopoly. Analysis of monopoly. Firm’s demand curve is the market demand curve. Analysis of monopoly. Monopolist chooses Qm so that MR = MC. What’s wrong with monopoly? A perfectly competitive industry would choose Qc where D = MC. What’s wrong with monopoly? Monopoly restricts output and raises price relative to the competitive benchmark. What’s wrong with monopoly? Monopoly restricts output and raises price relative to the competitive benchmark. Pareto efficiency. A minimalist criterion of efficiency. Pareto efficiency. Pareto efficiency. What’s wrong with monopoly? Monopoly is not Pareto efficient. What’s wrong with monopoly? What’s wrong with monopoly? The competitive spectrum The prisoners’ dilemma. Two suspects – Smith and McAlpin – apprehended for bank robbery. The prisoners’ dilemma. Difficulty of coordination. Oligopoly pricing. The Cournot model. Nash equilibrium: The Cournot model. The Lerner index of market power. Oligopoly pricing. Oligopoly behavior. The Harvard School Oligopoly behavior. The Chicago School Oligopoly behavior. Appraising oligopoly. Why do we like