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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

Abstract: 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)
Pages: 31
Date: 1988-04-04
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Working Paper: GENERAL EQUILIBRIUM AND IMPERFECT COMPETITION: PROFIT FEEDBACK EFFECTS AND PRICE NORMALISATIONS (1988) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:268331

DOI: 10.22004/ag.econ.268331

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