Lecture+Ⅻ.ppt

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1、Lecture+12.1 Monopolistic CompetitionThe makings of monopolistic competition 1.Firms compete by selling differentiated products that are highly substitutable for one another but not perfect substitutes.2.There is free entry and exit is large but not infinite12.2 OligopolyNash Equilibrium:Each firm i

2、s doing the best it can given what its competitors are doing.The Cournot ModelCournot Model(1838):Each firm treats the output level of its competitor as fixed when deciding how much to produce,and the two firms make their decisions at the same time.The Linear Demand Curve-An ExampleEach firm compete

3、s with each otherEach firm colludesFirst Mover Advantage-The Stackelberg ModelStackelberg Model:Suppose firm 1 sets its output first and then firm 2,after observing firm 1s output,makes its output decision.Firm 2s reaction curve:Firm 1s revenue:12.3 Price CompetitionPrice competition with Homogeneou

4、s Products-The Bertrand Model:Firms produce the same homogeneous good and make their price decisions at the same time.Price Competition with Differentiated ProductsOne more case:If both firms collude,will the result change?Another case:Firm 1 set its price first,and then firm 2 set its price accordi

5、ng to firm 1s price.Who is in advantage?12.4 Competition versus Collusion:The Prisoners DilemmaIn the above section,we have testify that the profit resulting from competition is lower than that from collusion for each firm.Therefore,why not firm 1 just set the collusive price and hope firm 2 will do

6、 the same and receives the maximum profit?Payoff MatrixNon-cooperative gameThe Prisoners Dilemma12.5 Implications of the prisoners Dilemma for Oligopolistic Pricing2008年11月初，TCL等五大国产彩电品牌相继将旗下52英寸液晶电视的售价下调至万元以内，引发了新一轮平板电视“价格战”。外资彩电品牌也已开始反击，其中东芝已向苏宁电器发出了彩电降价函，新一轮“价格战”即将进入白热化。数据来源：振宇，外资彩电品牌欲反击国产电视价格战，新

7、郎科技，2008年11月19日。http:/Price RigidityPrice Signaling and Price LeadershipPrice signaling:a firm might announce that it has raised or cutoff its price and hope that its competitors will take this announcement as a signal that they should also raise or cutoff pricePrice leadership:one firm regularly an

8、nounces price changes and other firms in the industry follow suit.银行收费谁是始俑者？2005年8月1日，建设银行广东分行将在1000多个营业网点贴出公示，宣布自9月21日起对小额个人或其存款帐户收取管理费，即对日均余额不足400元(不含400元)人民币的小额个人活期存款账户，将按季度收取管理费，每季度收费3元，每季度末月21日为固定扣款日。除建行之外，招商银行也在全国20多个城市祭起小额账户收费大旗，但是其他商业银行尚处在观望之中。工行、农行、中行在接受记者采访时均表示，暂时没有跟进收费的计划。然而，2006年开始，其他三大国

9、有银行相继开始对小额帐户开始收取管理费。The Dominant Firm ModelDominant firm:Firm with a large share of total sales that sets price to maximize profits,taking into account the supply response of smaller firms.为什么占优企业有时会定低价？CartelsnConditions for Cartel Success:Members agree on price and production levels and then adhere to that agreement.Members have the potential for monopoly power.(inelastic demand curve)