Bacchiega, Emanuele
(2012)
A note on the effect of market power in Ricardian economies.
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Abstract
We argue that it is the number of agents using market power, rather than the use of market power itself, that may drive Ricardian economies into autarchy. As a consequence, the monopoly equilibrium outcome Pareto-dominates the oligopoly one. Thus, counter-intuitively, a non monotonic relationship between number of agents endowed with market power and economic efficiency may emerge.
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