Perfect competition provides the model of a frictionless economy, in
which price-setting economic agents behave independently of each
other, abandoning to the market the coordination of their individual
decisions. The implications of this model are extensively presented in
the traditional price theory textbooks. Imperfect competition is the
paradigm that develops as soon as economic agents interact in a
conscious manner, which is the rule when competition takes place
amongst a restricted number of agents. In this system, agents act
strategically, taking into account the impact of their decisions on
competitors' behaviour and on the price mechanism. Such situations
commonly arise when firms differentiate their products, erect
strategic entry barriers, or exploit the imperfect information of
their customers about the price or characteristics of their product.
This book explores the theoretical richness of these economic
contexts, using some basic tools of game theory. Designed as an
ancillary text for graduate students, it not only summarizes the
historic contributions made by economic theorists such as Cournot and
Edgeworth, but also makes accessible many of the most recent
developments in the same field.
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Produktdetaljer
ISBN
9780191518881
Publisert
2020
Utgiver
Vendor
OUP Oxford
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter