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Imperfect competition and reputational commitment

✍ Scribed by Heski Bar-Isaac

Book ID: 116421149
Publisher: Elsevier Science
Year: 2005
Tongue: English
Weight: 112 KB
Volume: 89
Category: Article
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2005.05.022

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This article contrasts two myths: perfect competition throughout a whole economy x and "perfect computation"-a computation so detailed and quick that it would achieve the same allocation of resources. It maintains that the former is in some respects as centralized as the latter, and that decentraliz