By Louis Phlips

This e-book is a crucial number of papers released during the last ten years in American and eu journals. half 1 explains marketplace constitution as a functionality of sunk expenditures and industry dimension. half 2 illustrates the critical function of pricing schemes (including parallel pricing, introduced pricing and pageant clauses) in maintaining equilibrium results in oligopolistic markets. elements three and four supply a game-theoretic origin to pageant coverage and merger keep watch over. Louis Phlips deals a entire advent to the textual content during which he very conscientiously explains the reasoning in the back of his selection of papers, and offers a good synthesis of the fabric.

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Cournot, A. (1838), Recherches sur les Principes Mathematiques de la Theorie des Richesses, Paris, Hachette. d'Aspremont, C, R. -A. Gerard-Varet (1991), 'Pricing schemes and Cournotian equilibria', American Economic Review, 81, 666-73. d'Aspremont, C. and M. ', CORE Discussion Paper no. 9415. G. ) (1988), Cournot Oligopoly, Characterization and Applications, Cambridge. Davidson, C. and R. Deneckere (1984), 'Horizontal mergers and collusive behaviour', International Journal of Industrial Organization, 2, 117-32.

Structure, in this setting, is explained by the presence of certain barriers to entry, whose height can be measured by the degree of scale economies in the industry and by observed levels of advertising and R&D outlays relative to industry sales. 2 Bain's pioneering studies laid the foundations for a generation of subsequent work. His approach, however, has been subjected to considerable criticism both by empirical researchers during the 1960s and 1970s and by contributors to the game-theoretic literature of the past decade.

One wonders to what extent the results of such econometric exercises could be relevant in antitrust cases of alleged tacit collusion. The potential dangers of using the Bresnahan techniques to define the 'relevant market' empirically should also be pinpointed. Indeed, they define markets with reference to substitute goods, not with reference to strategic relationships (such as strategic substitutability or complementarity) between rivals. The following quotation from Baker and Bresnahan (1992, p.

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