Oblivious equilibrium for concentrated industries
نویسندگان
چکیده
منابع مشابه
Oblivious equilibrium for concentrated industries
This paper explores the application of oblivious equilibrium to concentrated industries. We define an extended notion of oblivious equilibrium that we call partially oblivious equilibrium (POE) that allows for there to be a set of “dominant firms”, whose firm states are always monitored by every other firm in the market. We perform computational experiments that show that POE are often close to...
متن کاملComputational Methods for Oblivious Equilibrium
Oblivious equilibrium is a new solution concept for approximating Markov perfect equilibrium in dynamic models of imperfect competition among heterogeneous firms. In this paper, we present algorithms for computing oblivious equilibrium and for bounding approximation error. We report results from computational case studies that serve to assess both efficiency of the algorithms and accuracy of ob...
متن کاملNonstationary Oblivious Equilibrium
In a recent paper, Weintraub, Benkard, and Van Roy (2008b) propose an approximation method for analyzing Ericson and Pakes (1995)-style dynamic models of imperfect competition. In that paper, we defined a new notion of equilibrium, oblivious equilibrium (henceforth, OE), in which each firm is assumed to make decisions based only on its own state and knowledge of the long-run average industry st...
متن کاملExtensions to Oblivious Equilibrium
In a recent paper, Weintraub, Benkard, and Van Roy (2007b) propose an approximation method for analyzing Ericson and Pakes (1995)-style dynamic models of imperfect competition. In that paper, we defined a new notion of equilibrium, oblivious equilibrium (henceforth, OE), in which each firm is assumed to make decisions based only on its own state and knowledge of the long run average industry st...
متن کاملAre US Industries Becoming More Concentrated?
More than 75% of US industries have experienced an increase in concentration levels over the last two decades. Firms in industries with the largest increases in product market concentration have enjoyed higher profit margins, positive abnormal stock returns, and more profitable M&A deals, suggesting that market power is becoming an important source of value. Lax enforcement of antitrust regulat...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: The RAND Journal of Economics
سال: 2015
ISSN: 0741-6261
DOI: 10.1111/1756-2171.12102