Abstract
In the competition between economic models, the theory of perfect competition holds a dominant market share: no set of ideas is so widely and successfully used by economists as is the logic of perfectly competitive markets. Correspondingly, all other market models (collectively labelled ‘imperfectly competitive’ and including monopoly, monopolistic competition, dominant-firm price leadership, bilateral monopoly and other situations of bargaining, and all the varieties of oligopoly theory) are little more than fringe competitors.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Bibliography
Aumann, R.J. 1964. Markets with a continuum of traders. Econometrica 32, 39–50.
Aumann, R.J. 1975. Values of markets with a continuum of traders. Econometrica 43, 611–46.
Bertrand, J. 1883. Théorie mathématique de la richesse sociale. Journal des Savants 48, 499–508.
Cournot, A. 1838. Recherches sur les principes mathématiques de la théorie des richesses. Paris: M. Rivière.
Debreu, G. 1959. The Theory of Value. New York: John Wiley & Sons.
Edgeworth, F. Y. 1881. Mathematical Psychics. London: P. Kegan; New York: A.M. Kelley, 1967.
Edgeworth, F.Y. 1897. La teoria pura del monopolio. Giornale degli Economisti 15, 13ff.
Harris, M. and Raviv, A. 1981. A theory of monopoly pricing schemes with demand uncertainty. American Economic Review 71, 347–65.
Hildenbrand, W. 1974. Core and Equilibria of a Large Economy. Princeton: Princeton University Press.
Hurwicz, L. 1972. On informationally decentralized systems. In Decision and Organization, ed. C.B. McGuire and R. Radner, Amsterdam: North-Holland, 297–336.
Kalai, E. and Stanford, W. 1985. Conjectural variations strategies in accelerated Cournot games. International Journal of Industrial Organization 3, 133–52.
Kreps, D.M. and Scheinkman, J.A. 1983. Quantity precommitment and Bertrand competition yield Cournot outcomes. Bell Journal of Economics 14, 326–37.
Mas-Colell, A. (ed.) 1982. Non-cooperative Approaches to the Theory of Perfect Competition. New York: Academic Press.
Milgrom, P.R. 1986. Auction theory. In Advances in Economic Theory, ed. T. Bewley, Cambridge: Cambridge University Press for the Econometric Society.
Negishi, T. 1961. Monopolistic competition and general equilibrium. Review of Economic Studies 28, 196–201.
Novshek, W. and Sonnenschein, H. 1978. Cournot and Walras equilibrium. Journal of Economic Theory 19, 223–66.
Ostroy, J. 1980. The no-surplus condition as a characterization of perfectly competitive equilibrium. Journal of Economic Theory 22, 183–207.
Postlewaite, A. and Schmeidler, D. 1978. Approximate efficiency of non-Walrasian equilibria. Econometrica 46, 127–37.
Roberts, J. 1986. Battles for market share: incomplete information, aggressive strategic pricing, and competitive dynamics. In Advances in Economic Theory, ed. T. Bewley, Cambridge: Cambridge University Press for the Econometric Society.
Roberts, J. and Postlewaite, A. 1976. The incentives for price-taking behavior in large exchange economies. Econometrica 44, 115–27.
Roberts, J. and Sonnenschein, H. 1977. On the foundations of the theory of monopolistic competition. Econometrica 45, January, 101–13.
Shubik, M. 1973. Commodity money, oligopoly, credit and bankruptcy in a general equilibrium model. Western Economic Journal 11, 24–38.
Stigler, G. 1957. Perfect competition, historically contemplated. Journal of Political Economy 65, 1–17.
von Neumann, J. and Morgenstern, O. 1944. Theory of Games and Economic Behavior. Princeton: Princeton University Press.
Wilson, R. 1986. Game theoretic analyses of trading process. In Advances in Economic Theory, ed. T. Bewley, Cambridge: Cambridge University Press for the Econometric Society.
Editor information
Copyright information
© 1989 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Roberts, J. (1989). Perfectly and Imperfectly Competitive Markets. In: Eatwell, J., Milgate, M., Newman, P. (eds) Allocation, Information and Markets. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20215-7_24
Download citation
DOI: https://doi.org/10.1007/978-1-349-20215-7_24
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-49539-1
Online ISBN: 978-1-349-20215-7
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)