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An Elasticity Measure of Welfare Loss in Symmetric Oligopoly

Author

Listed:
  • Tim James
  • Jolian McHardy

    (Department of Economics, The University of Sheffield Author-Person=pmc71)

Abstract

We derive a measure of welfare loss as a proportion of the value of sales under quantity-setting symmetric oligopoly in terms of the equilibrium industry price elasticity of demand, the number of firms in the industry and a conjectural variation term in the context of the standard linear model. This generalises the monopoly measure in James and McHardy (1997).

Suggested Citation

  • Tim James & Jolian McHardy, 2009. "An Elasticity Measure of Welfare Loss in Symmetric Oligopoly," Working Papers 2009013, The University of Sheffield, Department of Economics, revised Jun 2009.
    • Handle: RePEc:shf:wpaper:2009013
    as

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    File URL: http://www.shef.ac.uk/content/1/c6/09/79/29/SERP2009013.pdf
    File Function: First version, 2009
    Download Restriction: no
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    More about this item

    Keywords

    Oligopoly; Welfare loss; Elasticity;
    All these keywords.

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General

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