1986 | OriginalPaper | Chapter
Theory of Competition, incentives and Risk
Author : Joseph E. Stiglitz
Published in: New Developments in the Analysis of Market Structure
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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It is now widely recognised that the nature of competition in market economies is far more complex (and more interesting) than the simple representation of price competition embodied in, say, the Arrow-Debreu model. Not only are there alternative objects of competition: firms compete not only about price but also about products and R & D. But, also, the structure of competition, the ‘rules’ which relate the pay-offs to each of the participants to the actions they undertake, may differ markedly from that envisioned in the standard model.2