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Cooperation and Efficiency in Markets

Name: Cooperation and Efficiency in Markets
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 05281300
Price: 50.99 EUR
Availability: InStock
Author: Milan Horniacek
ISBN: 9783642197628

Milan Horniacek

Language

English

Book Paperback

Libristo code: 05281300

Publishers Springer-Verlag Berlin and Heidelberg GmbH & Co. KG, May 2011

The book deals with collusion between firms on both sides of a market that is immune to deviations b... Full description

Libristo code: 05281300

125 b

50.99 € VAT included

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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.