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Cataloged Resource Summary

 

Title

Atoms Revisited - The Oligopoly Equivalence Theorem

Categories

General Equilibrium
Market Structure

Type

Article

Description

Is an economy with atoms perfectly competitive or, more accurately, does it yield the same result we obtain in a perfectly competitive economy? The answer, it turns out, is a resounding "Yes!" -- under certain conditions on the size and character of the "atoms". This surprising "oligopoly equivalence" result was first unearthed by Michael J. Farrell (1970) in the context of a Debreu-Scarf replica economy and by Jean-Jaskold Gabszewicz and Jean-Francois Mertens (1971) and Benyamin Shitovitz (1973) in the Aumann continuum economy.

URL

http://cepa.newschool.edu/het/essays/edgew/coreatom.htm

Home URL

http://cepa.newschool.edu/het/
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