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Imperfect Competition and the Firm: Some Equivalence Results

Author

Listed:
  • Hans Keiding

    (Institute of Economics, University of Copenhagen)

  • Mich Tvede

    (Institute of Economics, University of Copenhagen)

Abstract

The paper introduces an abstract economy with imperfect competition; the choice of allocation takes place through an abstract mechanism, when produceres choose strategies and the outcome is (a set of) feasible allocations, where the consumers' choices are sustained by the market mechanism at some prices. We show that with a wide range of assumptions on producer preferences, the equilibrium outcome in this economy are ordinary compensated equilibria, possibly in an economy with production externalities.

Suggested Citation

  • Hans Keiding & Mich Tvede, 1999. "Imperfect Competition and the Firm: Some Equivalence Results," Discussion Papers 00-01, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:0001
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    File URL: http://www.econ.ku.dk/english/research/publications/wp/2000/0001.pdf/
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    More about this item

    Keywords

    Imperfect Competition; Theory of the Firm; Firm Objectives; Profit Maximization;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior

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