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Takanori Adachi and Leer Bao
''Chicago price theory meets imperfect competition: A common ownership approach''
( 2022, Vol. 42 No.4 )
In this paper, we provide a formulation of how imperfect competition in the product market is incorporated into the industry model described in Chapter 11 of Chicago Price Theory (Jaffe, Minton, Mulligan, and Murphy 2019, CPT). A generalized version of the perturbed system of the industry is shown and used to analyze the effect of a wage increase in the long-run as well as in the short-run in relation to the intensity of competition.
JEL: L1 - Market Structure, Firm Strategy, and Market Performance: General
D4 - Market Structure and Pricing: General
Manuscript Received : Aug 23 2022 Manuscript Accepted : Dec 30 2022

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