Industrial Organization

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1 Industrial Organization Competition, Strategy and Policy Fourth edition John Lipczynski, John O.S. Wilson and John Goddard PEARSON Harlow, England London New York Boston San Francisco Toronto " Sydney Auckland Singapore Hong Kong Tokyo Seoul Taipei New Delhi Cape Town Sao Paulo Mexico City Madrid Amsterdam Munich Paris Milan

2 Preface Acknowledgements XXIV xxvii 1 Industrial organization: an introduction 1.1 Introduction 1.2 Static and dynamic views of competition 1.3 The structure-conduct-performance paradigm 1.4 Strategic management: a short diversion Discussion questions Further reading Production, costs, demand and profit maximization Introduction Production and costs Demand, revenue, elasticity and profit maximization Summary 59 Discussion questions - 60 Further reading 60 3 The neoclassical theory of the firm Introduction The neoclassical theory of the firm: historical development Theories of perfect competition and monopoly 64

3 viii Contents 3.4 Efficiency and welfare properties of perfect competition and monopoly Theory of monopolistic competition Summary 79 Discussion questions 80 4 Managerial and behavioural theories of the firm Introduction \ Critique of the neoclassical theory of the firm Separation of ownership from control: managerial theories of the firm The behavioural theory of the firm Summary 99 Discussion questions 100 Further reading Transaction costs, agency and resource-based theories of the firm Introduction The Coasian firm Transaction costs and the theory of the firm Agency theory Property rights and the theory of the firm The resource-based theory of the firm Summary 118 Discussion questions 119 Further reading ' Corporate governance Introduction Agency problems and the need for corporate governance Instruments of corporate governance, Corporate governance codes of practice Corporate governance: implementation and empirical evidence Business ethics Corporate social responsibility Summary 153 Discussion questions 156 Further reading 156

4 Contents ix 7 Oligopoly: non-collusive models Introduction Interdependence, conjectural variation, independent action and collusion Models of output determination in duopoly Models of price determination in duopoly The kinked demand curveand models of price leadership Game theory Summary 200 Discussion questions 201 Further reading Oligopoly: collusive models Introduction Collusive action and collusive forms Collusive institutions, Profit-maximizing models of price and output determination for a cartel Other motives for collusion Factors conducive to cartel formation Influences on cartel stability Summary 232 Discussion questions 233 Further reading Concentration: measurement and trends Introduction Market and industry definition Official schemes for industry classification Measures of seller concentration Interpretation of concentration measures < Summary 260 Discussion questions 261 Further reading Determinants of seller concentration Introduction Seller concentration: systematic determinants 264

5 Contents 10.3 The random growth hypothesis Trends in concentration and the location of industry Summary 297 Discussion questions 298 Further reading Barriers to entry Introduction ; Types of barrier toentry Entry-deterring strategies Signalling commitment Potential entry and contestability Entry and industry evolution Empirical evidence on entry -, Summary 332 Discussion questions 334 Further reading Market structure, firm strategy and performance Introduction Empirical tests of the SCP paradigm Strategic groups Sources of variation in profitability: industry, corporate and business unit effects The new empirical industrial organization (NEIO) : The persistence of profit Summary 360 Discussion questions 362 Further reading, Pricing Introduction Cost plus pricing Price discrimination Peak-load pricing Transfer pricing Price dispersion Summary 404"

6 Contents xi Discussion questions 406 Further reading Auctions Introduction Auction formats and models of bidders'valuations The pure common value model and the winner's curse Optimal bidding strategies and revenue equivalence in the independent private values model Extensions and additional-topics in auction theory Empirical evidence Summary 436 Discussion questions 437 Further reading Product differentiation Introduction Types of product differentiation Monopolistic competition revisited: the socially optimal amount of product differentiation \ Lancaster's product characteristics model Hotelling's location model Salop's location model Summary 469 Discussion questions : 471 Further reading Advertising Introduction Determinants of advertising expenditure Advertising and product characteristics Advertising and profit maximization Advertising as a barrier to entry Advertising, information search and quality signalling Is there too much advertising? Empirical evidence " Summary 503 Discussion questions 504 Further reading 505

7 xii Contents 17 Research and development Introduction Market structure, firm size and the pace of technological change Investment in research and development Diffusion Patents Empirical evidence Summary 544 Discussion questions 547 Further reading Horizontal mergers and strategic alliances Introduction Profit-maximizing motives for horizontal mergers Non-profit-maximizing motives for horizontal mergers Merger waves Strategic alliances Horizontal mergers: some empirical evidence Summary \ 568 Discussion questions 569 Further reading Vertical integration Introduction Motives for vertical integration: enhancement of market power Motives for vertical integration: cost savings Vertical disintegration ' Empirical evidence on vertical integration \Agency and vertical relationships Summary 598 Discussion questions 599 Further reading, Vertical restraints " Introduction Motives for vertical restraints Forms of vertical restraint Summary Discussion questions 616 Further reading 616

8 Contents xiii 21 Network goods and services Introduction Demand for a network product or service Market equilibrium price and quantity for a network good or service: perfect competition and monopoly Market equilibrium price and quantity for a network good or service: duopoly Forms of competition over standardization and compatibility Summary 639 Discussion questions '" 641 Further reading Diversification Introduction Types of diversification Motives for diversification Corporate focus and deconglomeration Empirical evidence Summary 664 Discussion questions 666 Further reading 666 s 23 Competition policy Introduction Competition policy: theoretical framework Elements of competition policy Implementation of competition policy Summary Discussion questions Further reading Regulation Requlation Introduction The problem of natural monopoly Nationalization Privatization Forms of regulation

9 XIV Contents 24.6 Regulation of UK privatized industries Regulation of the banking industry Evaluation of regulation and deregulation Franchising and competitive tendering Summary 731 Discussion questions 734 Further reading 735 Appendix 1 Mathematical methods 739 Appendix 2 Econometric methods 762 Glossary 772 Bibliography 783 Index 822 Supporting resources Visit to find valuable online resources For instructors rj PowerPoints of book figures and tables for usage during lecturers m Instructor's manual containing answers to book discussion questions For more information please contact your local Pearson Education sales representative or visit

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