Contestable Markets and the Theory of Industry Structure

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Harcourt Brace Jovanovich, 1982 - Business & Economics - 510 pages
This text presents an integrative theory of what determines prices and industrial structure in contestable markets. The exposition extends theory and technique and suggests some unique perspectives from which to view regulatory and deregulatory policy.

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Contents

3A Ray Average Cost
48
3D Ray Average Cost Returns to Scale and Market Structure
57
Cost Concepts Applicable
65
Copyright

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Contestable Markets and the Theory of Industry Structure
William J. Baumol,John C. Panzar,Robert D. Willig
Snippet view - 1982
Contestable Markets and the Theory of Industry Structure
William J. Baumol,John C. Panzar,Robert D. Willig
Snippet view - 1988
Contestable Markets and the Theory of Industry Structure
William J. Baumol,John C. Panzar,Robert D. Willig
Snippet view - 1982

Common terms and phrases

AC curve analysis assumption average cost curve average incremental cost Baumol behavior capital Chapter competitive equilibrium concept construction cost complementarities cost function cost surface cost-minimizing cross subsidy definition demand functions discussion economies of scope efficient entry barriers entry costs equal example exist feasible Figure firm's firms producing fixed costs hyperplane implies increase incumbent firms industry configuration industry cost industry output industry structure industry's input prices integer intertemporal investment locus marginal cost market demand minimization minimum monopolist multiproduct firm natural monopoly number of firms oligopoly optimal output vector perfect competition perfectly contestable markets period potential entrants price vector product set product-specific profitable entry quantities Ramsey optimum Ramsey prices Ramsey-optimal ray average cost relevant requires result returns to scale revenues satisfy scale economies single-product subadditivity sufficient sunk costs sustainable configuration sustainable prices tion total cost trans-ray convexity translog unsustainability Willig y₁ yields zero

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About the author (1982)

William Jack Baumol was born in the South Bronx, New York on February 22, 1922. He served in the Army during World War II and got a job at the Agriculture Department, where he worked on allocating grain supplies to starving countries. He graduated from City College and enrolled in the London School of Economics in 1947, after initially being rejected. Less than six weeks after school started, he was hired to become a member of the faculty. He taught at Princeton University from 1949 until 1970 and then taught at New York University from 1971 until his retirement in 2014. As an economist, he identified Baumol's cost disease, which explains why the cost of services, like haircuts and college educations, rises faster than the cost of goods, like T-shirts. He published dozens of books, hundreds of papers, and several congressional testimonies on entrepreneurs, environmental policy, corporate finance, stock sales, the economics of Broadway theaters, inflation, and competition and monopolies. He died on May 4, 2017 at the age of 95.

Bibliographic information

TitleContestable Markets and the Theory of Industry Structure
AuthorsWilliam J. Baumol, John C. Panzar, Robert D. Willig
Editionillustrated, revised
PublisherHarcourt Brace Jovanovich, 1982
ISBN015513910X, 9780155139107
Length510 pages
Subjects ›  › 

Business & Economics / Industries / General
Business & Economics / Marketing / Research
  
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