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Thoroughly revised according to classroom feedback, Industrial Organization: Markets and Strategies offers an up-to-date and rigorous presentation of modern industrial organization that blends theory with real-world applications and derives implications for firm strategy and competition policy. This comprehensive textbook acquaints readers with the most important models for understanding strategies chosen by firms with market power and shows how such firms adapt to different market environments.
The second edition includes new and revised formal models and case studies. Formal models are presented in detail, and analyses are summarized in 'lessons' which highlight the main insights. Theories are complemented by numerous real-world cases that engage students and lead them to connect theories to real situations. Chapters include review questions, exercises, and suggestions for further reading to enhance the learning experience, and an accompanying website offers additional student exercises, as well as teaching slides.
Annað
- Höfundar: Paul Belleflamme, Martin Peitz
- Útgáfa:2
- Útgáfudagur: 2015-07-30
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- Format:ePub
- ISBN 13: 9781316288801
- Print ISBN: 9781107069978
- ISBN 10: 1316288803
Efnisyfirlit
- Cover
- Half title
- Endorsement
- Title
- Copyright
- Table of Contents
- List of Figures
- List of Tables
- List of Cases
- Preface to the second edition
- Preface from the first edition
- Part I Getting started
- Introduction to Part I
- 1 What is Markets and Strategies?
- 1.1 Markets
- 1.2 Strategies
- 1.3 Models and material of Markets and Strategies
- 1.4 Level, scope and organization of the book
- 2 Firms, consumers and the market
- 2.1 Firms and consumers
- 2.1.1 The firm
- 2.1.2 Looking inside the black box of a firm
- 2.1.3 Consumers and rational man
- 2.1.4 Welfare analysis of market outcomes
- 2.2 Market interaction
- 2.2.1 The perfectly competitive paradigm
- 2.2.2 Strategies in a constant environment (‘monopoly’)
- 2.2.3 Dominant firm model
- 2.2.4 Imperfect competition
- 2.3 Market definition and market performance
- 2.3.1 How to define a market?
- 2.3.2 How to assess market power?
- References for Part I
- 2.1 Firms and consumers
- Introduction to Part II
- 3 Static imperfect competition
- 3.1 Price competition
- 3.1.1 The standard Bertrand model
- 3.1.2 Price competition with uncertain costs
- 3.1.3 Price competition with differentiated products
- 3.1.4 Asymmetric competition with differentiated products
- 3.2 Quantity competition
- 3.2.1 The linear Cournot model
- 3.2.2 Implications of Cournot competition
- 3.3 Price vs. quantity competition
- 3.3.1 Limited capacity and price competition
- 3.3.2 Differentiated products: Cournot vs. Bertrand
- 3.3.3 What is the appropriate modelling choice?
- 3.4 Strategic substitutes and strategic complements
- 3.5 Estimating market power
- 3.1 Price competition
- 4 Dynamic aspects of imperfect competition
- 4.1 Sequential choice: Stackelberg
- 4.1.1 One leader and one follower
- 4.1.2 One leader and an endogenous number of followers
- 4.1.3 Commitment
- 4.2 Free entry: endogenous number of firms
- 4.2.1 Properties of free-entry equilibria
- 4.2.2 Welfare properties of the Cournot model with free entry
- 4.2.3 Welfare properties of price competition with free entry
- 4.2.4 Welfare properties of monopolistic competition
- 4.3 Industry concentration and firm turnover
- 4.3.1 Exogenous vs. endogenous sunk costs
- 4.3.2 Dynamic firm entry and exit
- References for Part II
- 4.1 Sequential choice: Stackelberg
- Introduction to Part III
- 5 Product differentiation
- 5.1 Views on product differentiation
- 5.2 Horizontal product differentiation
- 5.2.1 A simple location model
- 5.2.2 The linear Hotelling model
- 5.2.3 The quadratic Hotelling model
- 5.3 Vertical product differentiation
- 5.3.1 Quality choice
- 5.3.2 Natural oligopolies
- 5.4 Empirical analysis of product differentiation
- 5.4.1 Probabilistic choice and the logit model
- 5.4.2 Empirical analysis of horizontal product differentiation
- 5.4.3 Empirical analysis of vertical product differentiation
- 5.4.4 Nested logit and other extensions
- 6.1 Views on advertising
- 6.2 Price and non-price strategies in monopoly
- 6.2.1 Price–advertising decisions: Dorfman–Steiner model
- 6.2.2 A closer look at how advertising affects demand
- 6.3 Some welfare economics of advertising
- 6.4 Advertising and competition
- 6.4.1 Informative advertising
- 6.4.2 Persuasive advertising
- 7.1 Uninformed consumers and search costs
- 7.1.1 Price dispersion
- 7.1.2 Consumer search with homogeneous products
- 7.1.3 Empirical investigation of price dispersion
- 7.1.4 Sequential search and differentiated products
- 7.2 Switching costs
- 7.2.1 Competitive effects of switching costs
- 7.2.2 Coupons and endogenous switching costs
- 7.2.3 Estimating switching costs
- References for Part III
- Introduction to Part IV
- 8 Group pricing and personalized pricing
- 8.1 Price discrimination
- 8.1.1 Price discrimination: a typology
- 8.1.2 ‘Know thy customers’
- 8.2 Group and personalized pricing in monopolies
- 8.3 Group and personalized pricing in oligopolies
- 8.3.1 Group pricing and localized competition
- 8.3.2 Personalized pricing and location decisions
- 8.3.3 Geographic price discrimination
- 8.1 Price discrimination
- 9.1 Menu pricing vs. group pricing
- 9.2 A formal analysis of monopoly menu pricing
- 9.2.1 Quality-dependent prices
- 9.2.2 Information goods and damaged goods
- 9.2.3 Extension to time- and quantity-dependent prices
- 9.3 Menu pricing under imperfect competition
- 9.3.1 Competitive quality-based menu pricing
- 9.3.2 Competitive quantity-based menu pricing
- 10.1 Durable-good monopoly without commitment
- 10.1.1 Small number of consumers
- 10.1.2 Large number of consumers
- 10.2 Durable-good monopoly with commitment
- 10.2.1 Fixed capacity
- 10.2.2 Flexible capacity
- 10.2.3 Intertemporal pricing and demand uncertainty
- 10.3 Behaviour-based price discrimination
- 10.3.1 Behaviour-based price discrimination by a monopolist
- 10.3.2 Customer poaching
- 11.1 A formal analysis of monopoly bundling
- 11.1.1 Pure bundling as a device to offer a discount
- 11.1.2 Mixed bundling
- 11.1.3 Extensions
- 11.2 Tying and metering
- 11.3 Competitive bundling
- 11.3.1 Bundling as a way to soften price competition
- 11.3.2 When bundling intensifies price competition
- References for Part IV
- Introduction to Part V
- 12 Asymmetric information, price and advertising signals
- 12.1 Asymmetric information problems
- 12.1.1 Hidden information problem
- 12.1.2 Hidden action problem
- 12.2 Advertising and price signals
- 12.2.1 Advertising signals
- 12.2.2 Price signals
- 12.2.3 Joint price and advertising signals
- 12.3 Price signalling under imperfect competition
- 12.1 Asymmetric information problems
- 13 Marketing tools for experience goods
- 13.1 Warranties
- 13.1.1 Warranties as a reliability signal
- 13.1.2 Warranties and investment in quality control
- 13.2 Branding
- 13.2.1 Intertemporal branding and reputation
- 13.2.2 Reputation and competition
- 13.2.3 Umbrella branding
- References for Part V
- 13.1 Warranties
- Introduction to Part VI
- 14 Cartels and tacit collusion
- 14.1 Formation and stability of cartels
- 14.1.1 Simultaneous cartel formation
- 14.1.2 Sequential cartel formation
- 14.1.3 Network of market-sharing agreements
- 14.2 Sustainability of tacit collusion
- 14.2.1 Tacit collusion: the basics
- 14.2.2 Optimal punishment of deviating firms
- 14.2.3 Collusion and multimarket contact
- 14.2.4 Tacit collusion and cyclical demand
- 14.2.5 Tacit collusion with unobservable actions
- 14.3 Detecting and fighting collusion
- 14.3.1 The difficulty in detecting collusion
- 14.3.2 Leniency and whistleblowing programmes
- 14.1 Formation and stability of cartels
- 15.1 Profitability of simple Cournot mergers
- 15.1.1 Mergers between two firms
- 15.1.2 Mergers between several firms
- 15.1.3 Efficiency-increasing mergers
- 15.2 Welfare analysis of Cournot mergers
- 15.2.1 Linear Cournot model with synergies
- 15.2.2 General welfare analysis
- 15.3 Beyond simple Cournot mergers
- 15.3.1 Successive mergers
- 15.3.2 Mergers and entry
- 15.3.3 Mergers under price competition
- 15.3.4 Coordinated effects
- 15.4 Empirical merger analyses
- 15.4.1 Event studies and direct price comparisons
- 15.4.2 Merger simulations
- 16.1 Taxonomy of entry-related strategies
- 16.1.1 Entry deterrence
- 16.1.2 Entry accommodation
- 16.2 Strategies affecting cost variables
- 16.2.1 Investment in capacity as an entry deterrent
- 16.2.2 Investment as an entry deterrent reconsidered
- 16.2.3 Raising rivals’ costs
- 16.3 Strategies affecting demand variables
- 16.3.1 Brand proliferation
- 16.3.2 Bundling and leverage of market power
- 16.3.3 Switching costs as an entry deterrent
- 16.4 Limit pricing under incomplete information
- 16.5 Entry deterrence and multiple incumbents
- 17.1 The double-marginalization problem
- 17.1.1 Linear pricing and double marginalization
- 17.1.2 Contractual solutions to the double-marginalization problem
- 17.1.3 Double marginalization and retail services
- 17.2 Resale-price maintenance and exclusive territories
- 17.2.1 Resale-price maintenance
- 17.2.2 Exclusive territories
- 17.3 Exclusive dealing
- 17.3.1 Anticompetitive effects of exclusive dealing contracts? The Chicago critique
- 17.3.2 Vertical integration and long-term contracts as partial deterrence devices
- 17.3.3 Full exclusion and multiple buyers
- 17.3.4 Vertical foreclosure and secret contracts
- 17.3.5 Exclusive contracts and investment incentives
- 17.4 Vertical oligopoly and vertical mergers
- 17.4.1 Vertical oligopoly
- 17.4.2 Exclusionary effects of vertical mergers
- 17.4.3 Coordinated effects of vertical mergers
- References for Part VI
- Introduction to Part VII
- 18 Innovation and R&D
- 18.1 Market structure and incentives to innovate
- 18.1.1 Monopoly vs. perfect competition: the replacement effect
- 18.1.2 Incentives to innovate in oligopolies
- 18.1.3 Patent licensing
- 18.1.4 Licensing by an outside innovator
- 18.1.5 Licensing by an inside innovator
- 18.2 When innovation affects market structure
- 18.2.1 Monopoly threatened by entry: the efficiency effect
- 18.2.2 Asymmetric patent races: replacement and efficiency effects
- 18.2.3 Socially excessive R&D in a patent race
- 18.3 R&D cooperation and spillovers
- 18.3.1 Effects of strategic behaviour
- 18.3.2 Effects of R&D cooperation
- 18.3.3 Further analysis of R&D cooperation
- 18.1 Market structure and incentives to innovate
- 19.1 Innovation and IP: basics
- 19.1.1 Information and appropriability
- 19.1.2 Intellectual property rights
- 19.1.3 Alternative incentive mechanisms: rewards and secrecy
- 19.1.4 Protection of IP in practice
- 19.2 Protecting innovations
- 19.2.1 Optimal design of IP rights
- 19.2.2 Rewards vs. patents
- 19.2.3 Secrecy vs. patents
- 19.3 Cumulative innovations
- 19.3.1 Sequential innovations and holdup
- 19.3.2 Complementary innovations and anticommons
- 19.4 Intellectual property in the digital economy
- 19.4.1 End-user piracy
- 19.4.2 Software protection
- References for Part VII
- Introduction to Part VIII
- 20 Markets with network goods
- 20.1 Network effects
- 20.1.1 Direct and indirect network effects
- 20.1.2 Network effects and switching costs
- 20.1.3 Empirical evidence on network effects
- 20.2 Markets for a single network good
- 20.2.1 Modelling the demand for a network good
- 20.2.2 Provision of a network good
- 20.3 Markets for several network goods
- 20.3.1 Demand for incompatible network goods
- 20.3.2 Oligopoly pricing and standardization
- 20.1 Network effects
- 21.1 Choosing how to compete
- 21.1.1 A simple analysis of standardization
- 21.1.2 A full analysis of standardization
- 21.2 Strategies in standards wars
- 21.2.1 Building an installed base for pre-emption
- 21.2.2 Backward compatibility and performance
- 21.2.3 Expectations management
- 21.3 Public policy in network markets
- 21.3.1 Ex ante interventions
- 21.3.2 Ex post interventions
- References for Part VIII
- Introduction to Part VIII
- 22 Markets with intermediated goods
- 22.1 Intermediaries as dealers
- 22.1.1 Intermediated vs. non-intermediated trade
- 22.1.2 Dealer vs. pure platform operator
- 22.2 Intermediaries as matchmakers
- 22.2.1 Divide-and-conquer strategies
- 22.2.2 Sorting by an intermediary in a matching market
- 22.3 Intermediaries as two-sided platforms
- 22.3.1 The price structure for intermediation services
- 22.3.2 Competing intermediaries
- 22.3.3 Implications for antitrust and regulation
- 22.1 Intermediaries as dealers
- 23.1 Intermediation and information
- 23.1.1 Information overload
- 23.1.2 ‘Infomediaries’ and competition in search markets
- 23.1.3 Information and recommendation networks
- 23.2 Intermediation and reputation
- 23.2.1 Certifying intermediaries
- 23.2.2 Reputation systems
- References for Part IX
- A.1 Games in normal form and Nash equilibrium
- A.2 Games in extensive form and subgame perfection
- A.3 Static asymmetric-information games and Bayesian Nash equilibrium
- A.4 Dynamic asymmetric-information games and perfect Bayesian Nash equilibrium
- B.1 A brief historical perspective
- B.2 Competition laws
- B.2.1 Antitrust legislation in the USA
- B.2.2 Competition legislation in the EU
- B.3 Competition policy in the EU and in the USA
- References for Appendices
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- Höfundur : 17539
- Útgáfuár : 2015
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