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2018 | OriginalPaper | Chapter

9. The Early Oligopolistic Models: Market Power in the Paretian Tradition

Author : Mario Pomini

Published in: Power in Economic Thought

Publisher: Springer International Publishing

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Abstract

The study of non-competitive markets was a very active field of research in the period between the two World Wars. The chapter focuses on the developments that emerged within the Paretian tradition. The Italian followers of Pareto participated actively in this debate, and indeed Luigi Amoroso played a prominent role. The Italian mathematical economist was recognized as the main proponent of Cournot’s approach. Other Paretians who made important contributions were Arrigo Bordin, Felice Vinci, and especially Emilio Zaccagnini. The analysis of this strand of literature can help us to understand the reasons why Cournot’s perspective became the dominant approach to the oligopoly theory only in the postwar period.

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Footnotes
1
This difference can be considered a rough measure of market power as in the case of Lerner Index (Giocoli 2012).
 
2
The translation of quotations is mine, except when indicated otherwise.
 
3
English transl. “The theory of general equilibrium by prof. Pareto.”
 
4
The translation of quotations are mine.
 
5
English translation “The tragic sophism.”
 
6
English translation “The crisis of principles and the mathematical economics.”
 
7
In the article, de Finetti considers the general case with n functions and q variables. In the exposition, we follow Zaccagnini (1947).
 
8
Emilio Zaccagnini (1903–1979) held the chair of Economics at the Faculty of Law of Turin (Italy) from 1953 to 1974. He was also a Fellow of Econometric Society. Both his scientific training and his research career were centered on the theory of general equilibrium.
 
9
Giuseppe Palomba (1908–1986), a second-generation member of the Italian Paretian School, devoted his scientific activity to devise an original axiomatic framework for economic dynamics, primarily designed to address economic change.
 
10
Valentino Dominedò (1905–1985) did many contributions in the field of demand theory. He was the first economist at the international level to grasp the relevance of the Slutsky’s article on the theory of consumers’ choice.
 
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Metadata
Title
The Early Oligopolistic Models: Market Power in the Paretian Tradition
Author
Mario Pomini
Copyright Year
2018
Book
Power in Economic Thought

Print ISBN: 978-3-319-94038-0

Electronic ISBN: 978-3-319-94039-7

Copyright Year: 2018

DOI
https://doi.org/10.1007/978-3-319-94039-7_9