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Optimal Long-Term Investment When Price Depends on Output
Excerpt from Optimal Long-Term Investment When Price Depends on Output
Given the diversity of the literature on imperfect product markets,it is useful, before proceeding, to clarify what type of market this analysis seeks to address. Imperfect markets are frequently defined in opposition to perfectly competitive markets which are characterized in two ways (perfect Competition) 1. All sellers face a horizontal demand curve for the product, or 2. The number of sellers is very large. (usually (2) implies that (l) effectively holds for all participants). The imperfect market treated in this paper is one in which the industry total demand curve is downward the impact of different numbers of market participants on optimal investment decisions will be examined in the course of the analysis.
Given the diversity of the literature on imperfect product markets,it is useful, before proceeding, to clarify what type of market this analysis seeks to address. Imperfect markets are frequently defined in opposition to perfectly competitive markets which are characterized in two ways (perfect Competition) 1. All sellers face a horizontal demand curve for the product, or 2. The number of sellers is very large. (usually (2) implies that (l) effectively holds for all participants). The imperfect market treated in this paper is one in which the industry total demand curve is downward the impact of different numbers of market participants on optimal investment decisions will be examined in the course of the analysis.
61 pages, Paperback
First published August 5, 2015
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