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Monopolistic competition and economic efficiency (Монополистическая конкуренция и экономическая) |
Ma yukhi A o ICEF, 2 d year, 2 d group. u or: a alya Frolova. ESSAY O MICROECO OMICS:Mo opolis ic compe i io a d eco omic efficie cy. Международный институт экономики и финансов, 2 курс, Высшая школа экономики. Year 2000, March. O e of he mos impor a a d basic eco omic issues is he heory of Marke S ruc ure. he mea i g of eco omics as a scie ce is he descrip io a d expla a io of differe ways of eco omic age cies’ i erac io s hrough commodi ies, services, mediums of excha ge like mo ey, produc io processes a d o her i order o i crease heir wellbei g i a ma erialis ic par of life. he sa isfac io , al hough o ly par ial, of ei her eco omic age cy could o be achieved while ac i g wi hou k owi g some hi g abou he marke , o which i opera es. O e ca o predic or expec ei her producers’ or co sumers’ behaviour wi hou k owi g ge eral profi a d u ili y maximisi g o io s a d co di io s. he s ruc ure of a marke provides his i forma io . he heory of Marke S ruc ure divides he marke s i o four mos dis i c ive ypes. he polar o es are he pure compe i io a d pure mo opoly. Be wee hese ex reme case lie wo imperfec ly compe i ive marke s ruc ures: mo opolis ic compe i io ( he o e, which is closer o perfec or pure compe i io , a d which would be described i his essay) a d oligopoly (closer o mo opoly, bu has more ha o e bu o ma y large opera i g firms, lower mo opolis ic power a d o her dis i c ive fea ures). he marke s, which combi e bo h he price maki g of a mo opoly wi h a large umber of suppliers a d free- e ry co di io s of pure compe i io are he mos popular a d wide spread o es. Amo g hese are almos all re ail s ores like record shops a d clo hi g shops, food facili ies like res aura s a d fas -food e erprises, producers of o -alcoholic beverages like Coca-Cola or Pepsi a d a grea varie y of o hers. Because such marke s combi e he fea ures of mo opoly a d compe i io , hey are called mo opolis ically compe i ive. his model is also very i eres i g a d impor a ool for a alysi g such issues as produc varie y a d produc choice. I helps us u ders a d whe her he marke sys em leads o he produc io of he “righ ” assor me of goods a d services as i is oo expe sive o produce all co ceivable commodi ies a d here is always a problem of choice. here are several charac eris ic assump io s, which ide ifies he mo opolis ic compe i io : Sellers are price makers. he reaso for his is ha u like i perfec compe i io where he produc is ide ical, here is a sligh ly differe ia ed or he eroge eous produc . Eve if some firm has a mo opolis ic righ o i s rade mark a d o her firms are o allowed o produce he ide ical commodi y, hey have he oppor u i y o produce similar, bu sligh ly differe produc a d compe e wi h i o he marke . he grea er is he differe ce of he firm’s produc from o her o e’s (ca be based eve o loca io ), he grea er is he mo opolis ic power of ha firm a d he less elas ic is he dema d curve for i s ou pu . his fea ure e ables i o charge a sligh ly differe price rela ive o i s compe i ors wi hou loosi g all i s cus omers.
Produc differe ia io leads o he po e iali y for a firm o affec he price for he good or service i produces. Al hough his abili y is very limi ed a d depe ds o he degree of differe ia io , a mo opolis ically compe i ive firm faces he dow ward slopi g dema d curve like a mo opoly or oligopoly ( his is he mai charac eris ic of every imperfec compe i io marke ). Produc differe ia io makes his model differe from pure compe i io model. Eco omic rivalry akes he form of o -price compe i io : Produc differe ia io may be physical (quali a ive). Services a d co di io s accompa yi g he sale of he produc are impor a aspec s of produc differe ia io . Loca io is a o her ype of differe ia io . Bra d ames, adver isi g a d packagi g lead o perceived differe ces. Produc differe ia io allows producers o have some co rol over he prices of heir produc s. Sellers do o behave s ra egically. As here is a large (like i perfec compe i io ) umber of small firms, we assume, ha each of hem does o have a o iceable effec o he price decisio of o her producers, while cha gi g he price for i s ou pu . hus, firms do o ake i o co sidera io he expec a io of a reac io of heir compe i ors o heir price a d ou pu decisio . Buyers & sellers are i depe de ly ac i g. All par icipa s have perfec i forma io . o e ry barriers o he marke . ei her ech ological or legal barriers o e ry exis . his fea ure is similar o he perfec compe i io marke . Firm's goal is o ake he pure compe i io ’s dema d curve a d shif i i he direc io of he mo opolis ’s dema d curve. I does his hrough price discrimi a io . Le us ow discuss he profi maximisi g co di io s a d he appropria e price-ou pu decisio i he shor a d lo g ru s. Profi Maximisa io i Mo opolis ic Compe i io : I SR, firm se s i s ou pu qua i y where MR = MC a d se s price higher ha he perfec compe i io firm would do a d equal o he dema d for his qua i y of produc io . If P > A C a ha ou pu , firm ear s ab ormal or posi ive eco omic profi . (O ly possible i SR). Exis i g firms expa d he scale of pla i respo se o SR profi s. I he LR, ew firms a rac ed by he SR profi s e er he i dus ry. Shor -ru price a d ou pu decisio ( o ew e ra s): As a y profi - maximisi g firm, Mo opolis ic compe i or (whe i does o choose o shu dow ) produces he ou pu where MC=MR a d he resul would be eco omic profi (ABCD, grey area) As i was me io ed earlier, he e ry o he marke is absolu ely free a d defi i ely ew firms’ occurre ce affec s he dema d for he par icular firm’s ou pu . Firs , he share a d hus he profi of each firm i he marke decrease wi h he i creasi g umber of compe i ors produci g he similar, bu o -ide ical commodi ies. he dema d curve for he firms’ produc io shif s o he lef a d a a each price, a seller would be able o realise less i ems of i s ou pu . Seco d, as he qua i y of similar goods’ producers i creases he elas ici y of a dema d curve for a si gle firm’s produc i creases. hus, dema d curve becomes fla er wi h he growi g qua i y of close subs i u es. his si ua io is described o he graph below: Lo g-ru price a d ou pu decisio : ew e ra s, a rac ed by ab ormal profi , lead o he decrease of each par icular firm’s produc io by decreasi g he dema d for i a d co verge i s profi s o zero i LR.
Process of ew firms e eri g he marke co i ues u il he average firm has dema d a ge o he LR average cos curve (poi B- he poi where i ca o ly break eve ). A his poi he average o al cos s (A C) are equal o average reve ue (AR/dema d curve), herefore i he lo g- ru mo opolis ically compe i ive firms usually face o ly ormal or zero eco omic profi as i perfec compe i io . Bu here is a complica i g fac or i volved wi h his a alysis: some firms migh achieve a measure of differe ia io ha is o easily duplica ed by rivals (pa e s, loca io , e c.) a d ca realise eco omic profi s eve i he lo g ru , bu his is a ra her u usual si ua io . ow, i is he very ime o speak abou he mo opolis ic compe i io from he poi of view of eco omic efficie cy. he mai issue i welfare eco omics, which describes o how he eco omy works, bu how well i works, is he erm of eco omic or Pare o- efficie cy. By defi i io , “ he alloca io is Pare o- efficie for a give se of co sumer as es, resources, a d ech ology, if i is impossible o move o a o her alloca io , which would make some people be er off a d obody worse off”. o realise he mea i g of eco omic efficie cy we mus also recall he defi i io s of alloca ive a d produc ive efficie cies: Alloca ive efficie cy occurs whe price = margi al cos (P=MC), where he righ amou of resources are alloca ed o he produc . Produc ive efficie cy occurs whe price = average o al cos (P= A C), where produc io occurs usi g he leas -cos combi a io of resources. he mo opolis ically compe i ive firm is o alloca ively efficie (misalloca e resources as P > MC), bu is a produc ively efficie marke s ruc ure (P = A C) as i maximizes profi s a d mi imizes i s cos s. As we see o his graph: 1. Price a firm charges i s cus omers exceeds he margi al cos i he lo g- ru , sugges i g ha socie y values addi io al u i s of ou pu which are o bei g produced. 2. Firm produces he mi imum cos level of ou pu as P = A C (average- o al-cos level of ou pu ). here is a obvious differe ce be wee he poi where MC=MR a d he price of a mo opolis ic compe i or (o he graph i is marked as a li e from A o B)- i s is called a mark up. A d he grea er is his mark up, he grea er is he mo opolis ic power of a firm. Because he dema d curve is s ill dow ward slopi g, he firm will o reach he lo g ru equilibrium a he mi imum poi of he A C curve. Average cos s may also be higher ha u der pure compe i io , due o adver isi g a d o her cos s i volved i differe ia io . If here were fewer firms i i dus ry, each firm could produce he more effec ive scale of ou pu , which would be be er for co sumers. his excess capaci y is he &quo ;price&quo ; socie y mus pay for produc differe ia io . I o her words, he price differe ial paid by he co sumer (price differe ce be wee perfec compe i io a d mo opolis ic compe i io ) is he &quo ;price&quo ; of produc differe ia io . Bu of course mo opolis ic compe i io provides us ma y good oppor u i ies impor a for our wellbei g: he lure of eco omic profi s causes firms o develop ew or improve heir old produc s i order o compe e for cus omers wi h o her producers of similar bu o ide ical goods a d services.
Окончив университет Айовы в 1921 г., он получает на следующий год степень магистра в Мичиганском университете и поступает в докторантуру Гарвардского университета. Здесь в 1927 году Чемберлин заканчивает диссертацию, в которой выдвигает и обосновывает теорию монополистической конкуренции. С этого года и до смерти вся его деятельность связана с преподаванием в Гарвардском университете. Исключение составляет лишь период, связанный с работой Чемберлина в Бюро стратегической службы США в годы второй мировой войны и годичным преподаванием в Парижском университете сразу после окончания войны. В 1933 году Чемберлин опубликовал свою знаменитую работу «Теория монополистической конкуренции», которая была признана классическим трудом. Очень скоро Чемберлин избирается главой отделения экономической теории Гарвардского университета (1939–1943), получает почетные степени многих университетов, становится членом Американской экономической ассоциации (являясь ее вице-президентом в 1944). На русский язык переведена работа: Э. Чемберлин. «Теория монополистической конкуренции». М., Экономика, 1996
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