Cooperation and Efficiency in Markets
By:Milan Horniaček
Published on 2011-06-29 by Springer Science & Business Media
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.
This Book was ranked at 2 by Google Books for keyword markets and efficiency.
Book ID of Cooperation and Efficiency in Markets's Books is NPjuMXYRR0AC, Book which was written byMilan Horniačekhave ETAG "Ft70Veu/8Mk"
Book which was published by Springer Science & Business Media since 2011-06-29 have ISBNs, ISBN 13 Code is 9783642197635 and ISBN 10 Code is 3642197639
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