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Published in:
2021 | OriginalPaper | Chapter
5. Regulating Imperfectly Competitive Markets
Authors : Pak-Sing Choi, Eric Dunaway, Felix Munoz-Garcia
Published in: Industrial Organization
Publisher: Springer International Publishing
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Abstract
This chapter takes a regulatory approach by considering some of the models of imperfect competition analyzed in previous chapters (monopoly and oligopolies with different numbers of firms) and examines different policy tools that can induce firms to produce the output level that maximizes the social welfare (we refer to this output level as the “socially optimal output”), such as subsidies and taxes for each unit of output that the firm produces.