Chicago price theory meets imperfect competition: A common ownership approach

Takanori Adachi and Leer Bao ()
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Leer Bao: Graduate School of Economics, Nagoya University

Economics Bulletin, 2022, vol. 42, issue 4, 1848 - 1857

Abstract: In this paper, we provide a formulation of how imperfect competition in the product market is incorporated into the industry model described in Chapter 11 of Chicago Price Theory (Jaffe, Minton, Mulligan, and Murphy 2019, CPT). A generalized version of the perturbed system of the industry is shown and used to analyze the effect of a wage increase in the long-run as well as in the short-run in relation to the intensity of competition. perturbed system of the industry is shown and used to analyze the effect of a wage increase in the long-run as well as in the short-run in relation to the intensity of competition.

JEL-codes: D4 L1 (search for similar items in EconPapers)
Date: 2022-12-30
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