Name: Cooperation and Efficiency in Markets: 649 2011th Edition
Author: Milan Horniaček (Author)
ISBN: 9783642197628

Cooperation and Efficiency in Markets: 649 2011th Edition book cover

Cooperation and Efficiency in Markets: 649 2011th Edition

Author(s): Milan Horniaček (Author)

Publisher: Springer
Publication Date: 27 May 2011
Edition: 2011th
Language: English
Print length: 99 pages
ISBN-10: 3642197620
ISBN-13: 9783642197628

Book Description

Cooperation and Efficiency in Markets deals with collusion between firms on both sides of a market that is immune to deviations by coalitions. The book studies this issue using an infinitely countably repeated game with discounting of future single period payoffs.

Editorial Reviews

Review

From the reviews:

“The book under review studies the theory of repeated games in oligopoly theory and analyzes countably infinite repetition (or supergame) of interactions between firms on both sides of a market with dicounting of future profits. … The results of the book may be useful in adjusting antitrust policy and competition policy in the world.” (Weiping Li, Zentralblatt MATH, Vol. 1223, 2011)

From the Back Cover

The book deals with collusion between firms on both sides of a market that is immune to deviations by coalitions. We study this issue using an infinitely countably repeated game with discounting of future single period payoffs. A strict strong perfect equilibrium is the main solution concept that we apply. It requires that no coalition of players in no subgame can weakly Pareto improve the vector of continuation average discounted payoffs of its members by a deviation. If the sum of firms' average discounted profits is maximized along the equilibrium path then the equilibrium output of each type of good is produced with the lowest possible costs. If, in addition, all buyers are retailers (i.e., they resell the goods purchased in the analyzed market in a retail market) then the equilibrium vector of the quantities sold in the retail market is sold with the lowest possible selling costs. We specify sufficient conditions under which collusion increases consumer welfare.

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Cooperation and Efficiency in Markets: 649 2011th Edition

Cooperation and Efficiency in Markets: 649 2011th Edition

Book Description

Editorial Reviews

Review

From the Back Cover

About the Author

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