Capital precommitment and competition in supply schedules

Article Abstract:

Economic analyses of oligopoly problems have been dominated by the Cournot and Bertrand equilibrium concepts although both do not have theoretical rationale. However, notions of capacity commitment and the idea of competition in supply schedules under uncertainty have been used in rationalizing the Cournot equilibrium and in deriving an equilibrium concept intermediate between Cournot and Bertrand. These two approaches were combined to show that an equilibrium in markups can result from the assumptions of Cobb-Douglas technology and constant elasticity demand.

Analysis, Oligopolies

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Patent height and competition in product improvements

Article Abstract:

The protection provided by patents on inventions is limited. They restrict opportunities to invent. The patent height in a duopoly of firms competing in product improvement is examined. It is demonstrated that low patent protection has no influence on market equilibrium without patent protection. A patent holder is shown to lose with medium patent heights but not in patents with high protection. A non-patent holder stands to gain with medium heights but is increasingly disadvantaged with higher patent protection.

Intellectual property, Product development, Patents, Duopolies

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Product market competition and the impact of price uncertainty on investment: some evidence from US manufacturing industries

Article Abstract:

The effects of price uncertainty on investment are measured by using a panel of manufacturing industries in the US. It was found that uncertainty does not affect current investment. Industries with low levels of seller concentration are negatively affected and significantly significant. The negative correlation of investment and price uncertainty in competitive industries conforms to models which include irreversibility of capital investment.

MISCELLANEOUS MANUFACTURING INDUSTRIES, Manufacturing NEC, All Other Miscellaneous Manufacturing, Manufacturing industry, Manufacturing industries, Investments, Uncertainty

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