Lecture 11 (Turbo) - Oligopoly
1,195 views · Published 4 January 2012 · 1:21:10 · Indexed 6 November 2026
Channel: The University of Chicago · 2012 · People & Blogs
ECON 20100: The Elements of Economic Analysis E. Glen Weyl, Assistant Professor of Economics and the College. "Oligopoly," November 17, 2011. The first part of this course discusses markets with one or a few suppliers. The second part focuses on demand and supply for factors of production and the distribution of income in the economy. This course also includes some elementary general equilibrium theory and welfare economics. This lecture considers competition between a small number of firms. We begin with Cournot's classic model of quantity-taking oligopoly and the Bertrand-Edgeworth critique of this model. We then consider various ways in which the Betrand-Edgeworth critique can be addressed. A leading approach is to consider the possibility of collusion and we develop Stigler's analysis of factors that inhibit and enable firms to collude with one another. Finally we discuss how the notion of conjectural variations can be used to summarize the degree of collusion, as well as firms' strategic incentives. For readings associated with this lecture and slides, visit: http://www.glenweyl.com/teaching ➡ Subscribe: http://bit.ly/UCHICAGOytSubscribe About #UChicago: Since its founding in 1890, the University of Chicago has been a destination for rigorous inquiry and field-defining research. This transformative academic experience empowers students and scholars to challenge conventional thinking in pursuit of original ideas. #UChicago on the Web: Home: http://bit.ly/UCHICAGO-homepage News: http://bit.ly/UCHICAGO-news Facebook: http://bit.ly/UCHICAGO-FB Twitter: http://bit.ly/UCHICAGO-TW Instagram: http://bit.ly/UCHICAGO-IG University of Chicago on YouTube: https://www.youtube.com/uchicago *** ACCESSIBILITY: If you experience any technical difficulties with this video or would like to make an accessibility-related request, please email [email protected].
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