A. Dixit's Art of Smooth Pasting (Fundamentals of Pure and Applied PDF

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Example text

In either case Ti = TW* ⇒ pW = pX . We recall that i i i i i i i i i i pW < pX ⇒ (AW , BW ) ≥ (AX , BX ) i i i i i i pW > pX ⇒ (AW , BW ) ≤ (AX , BX ) i i i i i i pW = pX ⇒ (AW , BW ) = (AX , BX ) i i i i i i In Case (iii) (AW, BW) ≠ (AX, BX). This will be proved by contradiction. Let W be northwest of X. If (AW, BW) = (AX, BX) then, in particular, AW = AX and BW = BX. Assume AW = AX. It will be shown that this implies BW ≠ BX. For every consumer i Bi = TiAi, irrespective of the value of Ai. Define ∆A = AW − AX, ∆B = BW − BX, ∆Ai = AW − AX , and ∆Bi = BW − BX .

Equilibrium under monopolistic competition Suppose that a breakdown of the transportation-industry monopoly were to occur. What alternative market structure might take its place? The traditional view is that cut-throat or ruinous competition would result. The transportation demand functions for an individual vessel are downward-sloping, as shown in the previous section, only insofar as the owner of the vessel is faithful to the conference agreement. If he succeeds in cutting freight rates below that established by the conference and is the only conference member to do so, the demand functions for his ships become infinitely elastic.

If this assumption is relaxed, the above analysis still holds. The ‘supply curve’ is represented no longer by a straight line but rather by a greater expanse. If the attributes can be produced in any combination at all, then the intersection of the ‘supply curve’ and the inverse of the market demand function becomes that inverse itself, and the analysis then proceeds as above. Indivisibilities in production would give rise to further complications. ), Econometrics and Economic Theory: Essays in Honour of Jan Tinbergen, pp.

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