Contemporary industrial organization: a quantitative approach
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| Main Authors: | , , |
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| Format: | Book |
| Language: | English |
| Published: |
Hoboken, NJ
Wiley
2011
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVII, 558 S. graph. Darst. |
| ISBN: | 9780470591802 0470591803 |
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Record in the Search Index
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| adam_text | Titel: Contemporary industrial organization
Autor: Pepall, Lynne
Jahr: 2011
Contents
About the Authors xiii
Preface xv
Part I Microeconomic Foundations 1
1 Industrial Organization and Imperfect Competition: What, How, and
Why 3
1.1 What Is Industrial Organization? 3
1.2 How We Analyze Imperfect Competition 4
1.3 Why: Antitrust Policy and Industrial Organization Theory 6
1.3.1 The New Sherman Act and the Dominance of
Structure-Based Analysis 9
1.3.2 The Tide Changes: The Chicago School and Beyond 11
Summary 14
Problems 14
References 15
Appendix-Excerpts from Key Antitrust Statutes 15
2 Basic Microeconomics 23
2.1 Competition versus Monopoly: The Poles of Market Performance 23
2.2 Intertemporal Considerations and Constraints on Monopoly Power 28
2.2.1 Time and the Evolution of Industry Structure 31
2.2.2 Durable Goods and the Coase Conjecture 33
2.2.3 The Nonsurplus Approach to Economic Efficiency 35
Summary 36
Problems 37
References 37
3 Technology and Cost Relationships 38
3.1 Production Technology and Cost Functions for Single-Product Firms 38
3.1.1 Cost Variables and Output Decisions 42
3.1.2 Scale Economies, Sunk Costs, and Market Structure 43
3.2 Cost Relations for Multiproduct Firms 48
3.2.1 Scope and Scale Economies for Multiproduct Firms 48
3.2.2 Different Versions of the Same Core Product 53
3.3 Non-Cost Determinants of Market Structure 55
3.4 Empirical Application: Cost Function Estimation, Scale and Scope
Economies 56
Summary 62
Problems 62
References 63
4 Market Structure and Market Power 65
4.1 Measuring Market Structure 66
4.1.1 Measurement Problems: What Is a Market? 68
4.1.2 The Endogeneity of Market Structure 71
4.2 Measuring Market Power-the Lerner Index Again 72
4.3 Empirical Application: Monopoly Power: How Bad Is It? 76
Summary 79
Problems 80
References 81
Part II Price and Nonprice Tactics for Firms with Market Power 83
5 Price Discrimination and Monopoly 85
5.1 The Feasibility of Price Discrimination 86
5.2 First-Degree Price Discrimination 87
5.2.1 Personalized Pricing 88
5.2.2 Two-Part Pricing 90
5.2.3 Block Pricing 92
5.3 Price Discrimination with Less Information 94
5.3.1 Group Pricing or Third-Degree Discrimination 94
5.3.2 Third-Degree Price Discrimination and Social Welfare 97
5.3.3 Group Pricing: An Application with Linear Demand 99
5.3.4 A Caveat on Welfare and Third-Degree Price Discrimination 100
5.4 Second-Degree Price Discrimination: Menu Pricing 101
5.4.1 A Two-Part Tariff 103
5.4.2 Menu Pricing 105
5.4.3 Menu Pricing and Social Welfare 108
Summary 110
Problems 111
References 112
6 Price Discrimination, Product Variety, Bundling, and Tying 113
6.1 Price Discrimination and Product Quality 114
6.1.1 A (Relatively) Simple Example 114
6.1.2 An Extension: Endogenous Quality 118
6.1.3 A Further Extension: Damaged Goods 121
6.2 Price Discrimination and Product Variety 123
6.3 Bundling and Tying 128
6.3.1 Bundling 128
6.3.2 Required Tie-In Sales 133
6.3.3 Bundling/Tying, Policy, and Competition 135
6.4 Empirical Application: Price Discrimination, Product Variety, and
Monopoly versus Competition 137
Summary 140
Problems 141
References 142
Part III Oligopoly and Strategic Interaction 143
7 Static Games and Quantity versus Price Competition 145
7.1 A Brief Introduction to Game Theory 145
7.2 Dominant and Dominated Strategies 147
7.3 The Static Cournot Model 150
7.3.1 Cournot Variation 1: Many Firms 153
7.3.2 Cournot Variation 2: Many Firms and Different Costs 154
7.4 The Bertrand Model 156
7.4.1 Bertrand Competition-Capacity Constraints 157
7.4.2 Bertrand Competition-Product Differentiation 160
7.5 Strategic Substitutes and Complements 162
7.6 Empirical Application: Brand Competition and Consumer
Preferences-Evidence from the California Retail Gasoline Market 164
Summary 167
Problems 168
References 169
8 Dynamic Games and First and Second Movers 171
8.1 The Stackelberg Model of Quantity Competition 172
8.2 Sequential Price Competition 175
8.3 Sequential Quality Choice 178
8.4 Commitment and Credibility in Dynamic Games 180
8.5 The Chain-Store Paradox 184
Summary 186
Problems 186
References 187
9 Entry Deterrence and Predation 189
9.1 Market Structure over Time: Random Processes Stylized Facts 190
9.2 Deterring Entry 193
9.2.1 Limit Output and Limit Price Models 193
9.2.2 Capacity Expansion as a Credible Entry-Deterring
Commitment 195
9.2.3 Evidence on Predatory Capacity Expansion 203
9.3 Predation and Asymmetric Information 205
9.3.1 Asymmetric Information and Limit Pricing 206
9.3.2 Predation, Asymmetric Information, and Financial
Constraints 21 1
9.4 Long-Term Contracts as a Barrier to Entry 219
9.4.1 Long-Term Contracts, Penalty Fees, and Entry Deterrence 219
9.4.2 Naked Exclusion 221
9.5 Predatory Conduct and Public Policy 223
9.6 Empirical Application: Entry Deterrence in the Pharmaceutical
Industry 225
Summary 229
Problems 230
References 231
10 Price Fixing and Repeated Games 234
10.1 The Cartel s Dilemma 237
10.2 Repeated Games 241
10.2.1 Finitely Repeated Games 242
10.2.2 Infinitely or Indefinitely Repeated Games 245
10.2.3 Some Extensions 248
10.3 Empirical Application 1: Estimating the Effects of Price-Fixing 250
10.4 Cartels in Practice: Facilitating Factors and Practices 254
10.4.1 Factors that Facilitate Collusion 254
10.4.2 Facilitating Practices 261
10.5 Antitrust Policy toward Cartels: Deterrence and Detection 264
10.5.1 Antitrust Policy: Investigation versus Fines 264
10.5.2 Antitrust Policy: Detecting Cartels 266
10.5.3 Antitrust Policy. Leniency/Amnesty Programs 269
10.6 Empirical Application: An Experimental Investigation of Leniency
Programs 275
Summary 278
Problems 279
References 281
Part IV Contractual Relationships between Firms 283
11 Horizontal Mergers 285
11.1 Horizontal Mergers and the Merger Paradox 287
11.2 Mergers and Cost Synergies 291
11.2.1 Fixed-Cost Savings 291
11.2.2 Variable Cost Savings 292
11.3 Merged Firms as Stackelberg Leaders 293
11.4 Sequential Mergers 298
11.5 Horizontal Mergers and Product Differentiation 301
11.5.1 Bertrand Competition with Linear Demand 301
11.5.2 Mergers in a Spatial Market 304
11.6 Public Policy and Horizontal Mergers 313
11.6.1 Coordinated Effects of Mergers 315
11.6.2 Consumer versus Producer versus Total Surplus 316
11.7 Application: Evaluating the Impact of Mergers with Computer
Simulation 318
Summary 320
Problems 321
References 322
12 Vertical and Conglomerate Mergers 324
12.1 Procompetitive Vertical Mergers 325
12.2 Vertical Mergers, Price Discrimination, and Competition 328
12.3 Vertical Mergers, Oligopoly, and Foreclosure 332
12.3.1 Vertical Integration and Foreclosure in a Cournot Model 334
12.3.2 Vertical Mergers in a Differentiated Products Setting 338
12.4 A Reappraisal: The GE-Honeywell Merger Once More 343
12.5 A Note on Conglomerate Mergers 344
12.6 Empirical Application: Vertical Integration in the Ready-Mixed
Concrete Industry 346
Summary 348
Problems 349
References 350
13 Vertical Restraints 351
13.1 Vertical Price Restraints and Antitrust Policy: A Brief History 351
13.2 Vertical Price Restraints and Suppressed Competition 354
13.3 Arguments in Support of Vertical Price Restraints 355
13.3.1 Vertical Price Restraints as a Response to
Double-Marginalization 355
13.3.2 RPM Agreements and Retail Competition with Price
Discrimination 358
13.3.3 RPM Agreements to Ensure the Provision of Retail Services 360
13.4 Retail Price Maintenance and Uncertain Demand 368
13.5 Nonprice Vertical Restraints 371
13.5.1 Exclusivity to Limit Free Riding 372
13.5.2 Exclusivity and the Suppression of Competition 373
13.6 Aftermarkets 376
13.7 Empirical Application: Exclusive Dealing in the U.S. Beer Industry 380
Summary 384
Problems 385
References 386
Part V Topics in Nonprice Competition: Advertising and Research and
Development 389
14 Advertising, Market Power, and Information 391
14.1 Advertising and Monopoly Power: The Dorfman-Steiner Condition 392
14.2 Advertising as Consumer Information 394
14.2.1 Advertising and Quality Signaling 395
14.2.2 Suppressed Information Advertising Content 400
14.3 Advertising, Information, and Competition 402
14.3.1 Advertising, Information, and Competition in a
Product-Differentiated Market 403
14.3.2 Advertising and Wasteful Competition 407
14.4 Complements, Advertising, and Brand Names 408
14.4.1 Advertising and Building Brand Value 410
14.4.2 Advertising and Extending the Reach 411
14.4.3 The Nature of Advertising, Product Prices, and Welfare 412
14.5 Empirical Application: Advertising, Information, and Prestige 414
Summary 419
Problems 419
References 420
15 Research and Development 422
15.1 A Taxonomy of Innovations 424
15.2 Market Structure and the Incentive to Innovate 426
15.2.1 Competition and the Replacement Effect 426
15.2.2 Persistence of Monopoly and the Efíiciency Effect 429
15.2.3 A Possible Synthesis 430
15.3 A More Complete Model of Competition and Innovation 436
15.4 Evidence on the Schumpeterian Hypothesis 438
15.5 Product and Process Innovation: Cournot versus Bertrand 439
15.5.1 ProductR D 441
15.5.2 Process R D 442
15.5.3 Product and Process R D 443
15.6 R D Cooperation between Firms 443
15.6.1 Noncooperative R D 445
15.6.2 Technology Cooperation 447
15.7 Empirical Application: R D Spillovers in Practice 451
Summary 454
Problems 455
References 456
16 Patents and Patent Policy 458
16.1 Optimal Patent Length 460
16.2 Optimal Patent Breadth 463
16.2.1 Gilbert and Shapiro 463
16.2.2 Klemperer 466
16.2.3 Some Conclusions 472
16.3 PatentRaces 473
16.4 Monopoly Power and Sleeping Patents 477
16.5 Patent Licensing 479
16.5.1 The Incentive to License a Nondrastic Innovation 479
16.5.2 Licensing, Drastic Innovations, and Monopoly Power 483
16.5.3 Patent Licensing, Social Welfare, and Public Policy 484
16.6 Recent Patent Policy Developments 486
16.7 Empirical Application: Patent Law and Patent Practice in the
Semiconductor Industry 489
Summary 491
Problems 492
References 493
Part VI Special Topics: Networks and Strategic Trade Policy 495
17 Network Markets 497
17.1 Market Provision of a Network Service 497
17.1.1 Monopoly Provision 498
17.1.2 Competitive and Optimal Provision of a Network Service 500
17.2 Networks, Competition, and Complementary Services 501
17.2.1 Price Competition with Network Effects 502
17.2.2 Network Competition and Complementary Services 503
17.3 Systems Competition and the Battle over Industry Standards 506
17.3.1 A Simple Model of Compatibility and Competition 507
17.3.2 Compatibility, Standards, and Competition 509
17.4 Application: Network Externalities in Computer
Software-Spreadsheets 513
Summary 517
Problems 517
References 518
18 Strategic Commitments: Confronting Potential Entrants and
International Rivalry 520
18.1 The Strategic Value of Commitment 521
18.2 Strategic Complements and Substitutes: Cats, Dogs, and the Lean
and Hungry Look 522
18.2.1 Strategic Complements and Competition: Fat Cats and
Puppy Dogs 523
18.2.2 Strategic Substitutes and Competition: Top Dogs and the
Lean and Hungry Look 526
18.2.3 Commitments and Strategies 528
18.3 Strategic Commitments in International Markets 529
18.3.1 Strategic Subsidies in an International Cournot Model 531
18.3.2 Strategic Tariffs and Scale/Scope Economies 532
18.3.3 Strategic R D Subsidies 534
18.4 Trade Agreements as Commitment Devices 535
Summary 537
Problems 538
References 539
Answers to Selected Problems 541
Index 551
|
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| spelling | Pepall, Lynne 1952- Verfasser (DE-588)132735970 aut Contemporary industrial organization a quantitative approach Lynn Pepall ; Dan Richards ; George Norman Hoboken, NJ Wiley 2011 XVII, 558 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Industrieökonomie (DE-588)4133311-1 gnd rswk-swf Industrieökonomie (DE-588)4133311-1 s DE-604 Richards, Daniel Jay Verfasser (DE-588)132735946 aut Norman, George 1946- Verfasser (DE-588)13272510X aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020332227&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Contemporary industrial organization a quantitative approach |
| title_auth | Contemporary industrial organization a quantitative approach |
| title_exact_search | Contemporary industrial organization a quantitative approach |
| title_full | Contemporary industrial organization a quantitative approach Lynn Pepall ; Dan Richards ; George Norman |
| title_fullStr | Contemporary industrial organization a quantitative approach Lynn Pepall ; Dan Richards ; George Norman |
| title_full_unstemmed | Contemporary industrial organization a quantitative approach Lynn Pepall ; Dan Richards ; George Norman |
| title_short | Contemporary industrial organization |
| title_sort | contemporary industrial organization a quantitative approach |
| title_sub | a quantitative approach |
| topic | Industrieökonomie (DE-588)4133311-1 gnd |
| topic_facet | Industrieökonomie |
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