GENERAL EQUILIBRIUM AND IMPERFECT COMPETITION: PROFIT FEEDBACK EFFECTS AND PRICE NORMALISATIONS
Martin Cripps and
Gareth Myles ()
No 268331, Economic Research Papers from University of Warwick - Department of Economics
There are two general issues which bedevil general equilibrium models with imperfect competition: price normalisation and the feedback from prices to incomes. We present a class of normalisations which do not affect the behaviour of oligopolists, this is argued to be the only class of normalisations with this general property. We also provide a set of necessary conditions for the existence of equilibrium with monopoly and feedback effects.
Keywords: Demand and Price Analysis; Productivity Analysis (search for similar items in EconPapers)
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Working Paper: GENERAL EQUILIBRIUM AND IMPERFECT COMPETITION: PROFIT FEEDBACK EFFECTS AND PRICE NORMALISATIONS (1988)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:268331
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