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In this article, I analyze and compare the contributions of Dupuit and Walras on the natural monopoly of railroads … and Walras both concluded that railroads were better managed under the monopoly regime; however they drew upon different …. Both theorists argued that inland waterways—as opposed to railroads—could be vertically unbundled, a point which previous …
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In his 1903 thesis - “Money and credit instruments in their relation to general prices” - published in 1907, E.W. Kemmerer argued that the market prices of goods cannot be determined by the equations of demand and supply of goods without introducing the “missing” equilibrium equation of...
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The concept of a barrier to entry has been discussed least since Bain [1956] with important contributions by Spence [1977], Dixit [1980] and Milgrom-Roberts [1982]. The more recent discussion is synthesized in the contributions to a dedicated session at the 2004 AEA meeting. Yet, a 'barrier to...
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The article discusses the origins of the U-shaped average cost curve, which is one of the most widely used tools in microeconomic analysis. Its widespread use leads many to consider it as a basic tool, obscuring the fact that the graph of the U-shaped average cost curve is part of a complex...
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