Abstract
The purpose of this chapter is to provide an overview of the theory of perfectly-contestable markets.2 The treatment here is deliberately schematic in order to focus on the logical structure of the theory.
We are grateful for their generous support to the Economics Program of the Division of Social Sciences of the National Science Foundation, the Division of Information Science and Technology of the National Science Foundation, the Sloan Foundation, and to the organisers of the IE A Conference on New Developments in Market Structure. The views expressed are those of the authors and do not necessarily reflect those of the institutions with which they are affiliated.
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References
Baumol, William J. (1982) ‘Contestable Markets: An Uprising in the Theory of Industry Structure’, American Economic Review, vol. 72, no. 1, Mar., pp. 1–15.
Baumol, William J., Panzar, John C. and Willig, Robert D. (1982) Contest- able Markets and the Theory of Industry Structure, (San Diego: Harcourt Brace and Jovanovich).
Baumol, William J., Panzar, John C. and Willig, Robert D., (1983) ‘Comment on the Comments’, American Economic Review, vol. 73, no. 3, Jun.
Kessides, Ioannis (1982) ‘Toward a Testable Model of Entry: A Study of the U.S. Manufacturing Industries’, Princeton University, unpublished thesis.
Ordover, Janusz and Willig, Robert (1981) ‘An Economic Definition of Predation: Pricing and Product Innovation’, Yale Law Journal, vol. 90, no. 473, Dec., pp. 1–44.
Schwartz, Marius and Reynolds, Robert (1983) ‘Comment’, American Economic Review, vol. 73, no. 3. Jun.
Weitzman, Martin (1983) ‘Contestable Markets: An Uprising in the Theory of Industry Structure: Comment’, American Economic Review, vol. 73, no. 3, Jun.
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© 1986 International Economic Association
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Baumol, W.J., Panzar, J.C., Willig, R.D. (1986). On the Theory of Perfectly-Contestable Markets. In: Stiglitz, J.E., Mathewson, G.F. (eds) New Developments in the Analysis of Market Structure. International Economic Association Series, vol 77. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-18058-5_12
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