chapter_12 Monopolistic Competition and Oligopoly 平狄克微观英文版教材.pptVIP

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chapter_12 Monopolistic Competition and Oligopoly 平狄克微观英文版教材.ppt

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chapter_12 Monopolistic Competition and Oligopoly 平狄克微观英文版教材.ppt

Chapter 1 80 81 81 82 83 84 85 86 88 89 32 38 39 43 44 45 4 46 4 47 4 48 4 54 55 4 56 4 54 58 59 60 61 62 63 64 64 65 66 69 70 71 71 72 73 77 78 79 Summary In a monopolistically competitive market, firms compete by selling differentiated products, which are highly substitutable. In an oligopolistic market, only a few firms account for most or all of production. Summary In the Cournot model of oligopoly, firms make their output decisions at the same time, each taking the other’s output as fixed. In the Stackelberg model, one firm sets its output first. Summary The Nash equilibrium concept can also be applied to markets in which firms produce substitute goods and compete by setting price. Firms would earn higher profits by collusively agreeing to raise prices, but the antitrust laws usually prohibit this. Summary The Prisoners’ Dilemma creates price rigidity in oligopolistic markets. Price leadership is a form of implicit collusion that sometimes gets around the Prisoners Dilemma. In a cartel, producers explicitly collude in setting prices and output levels. End of Chapter 12 Monopolistic Competition and Oligopoly 1 2 3 4 5 6 6 7 12 13 14 17 18 19 20 20 21 22 23 24 25 26 27 28 29 30 31 What Do You Think? 1) Why would each firm choose a price of $1.40? Hint: Think Nash Equilibrium 2) What is the profit maximizing price with collusion? A Pricing Problem for Procter Gamble Competition Versus Collusion:The Prisoners’ Dilemma Why wouldn’t each firm set the collusion price independently and earn the higher profits that occur with explicit collusion? Assume: Competition Versus Collusion:The Prisoners’ Dilemma Possible Pricing Outcomes: Competition Versus Collusion:The Prisoners’ Dilemma Payoff Matrix for Pricing Game Firm 2 Firm 1 Charge $4 Charge $6 Charge $4 Charge $6 $12, $12 $20, $4 $16, $16 $4, $20 These two firms are playing a noncooperative game. Each firm independently does the best it can taking its competitor into account. Question Why will both firms b