We analyze the problem of competitive mechanism design within the context of a model of product differentiated oligopoly. In an oligopoly setting, participation by an agent in any one firm's catalog is endogenously determined. This facts leads naturally to a modification of the classical notion...

Two basic properties concerning the dynamic behavior of competitive equilibria of exchange economies with complete markets are derived essentially from the fact that the Walras correspondence has no knots.

In this work, we attempt to characterize the main theoretical difficulties to prove the existence of competitive equilibrium in infinite dimensional models. We shall show cases in which it is not possible to prove the existence of equilibrium and some others in which, however the existence of...

Competition and market power have been the focus of much of the empirical research conducted by the EIM in the recent past. This report is concerned with these issues as well, and focuses in particular on the link between market conduct and performance. The background of the model which is...

This report discusses allocative efficiency and focuses on pricing and quantity-setting policies. These can be considered to be the most fundamental aspects of market power. Perfect competition is commonly advocated as optimal. If the price in a certain industry diverges from marginal cost, this...