Is Imperfect Competition Empirically Empty?

John Sutton

Chapter 6 in The Economics of Imperfect Competition and Employment, 1989, pp 225-240 from Palgrave Macmillan

Abstract: Abstract During the past few years, imperfect competition seems to be coming into its own. Models of product differentiation, in particular, are now a standard vehicle in which to discuss many issues in industrial organization and in international trade. Yet this resurgence of interest in the area has failed to dispel a long-standing concern, shared by many economists, that imperfect competition is ‘empirically empty’-the particularly pungent dismissal of the theory in George Stigler’s Nobel address of 1982 is a recent echo of older debates.

Keywords: Nash Equilibrium; American Economic Review; Imperfect Competition; Typical Firm; Perfect Competition (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-08630-6_6

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