Industrial organisation: competition, strategy, policy

Table of Contents

Preface
Acknowledgments
Part I: Theoretical Foundations
1 Industrial organization: an introduction
1.1 Introduction
1.2 Static and dynamic views of competition
1.3 The structure–conduct–performance paradigm
1.4 Strategic management: a short diversion
Discussion questions
Further reading
2 Production, costs, demand and profit maximization
2.1 Introduction
2.2 Production and costs
2.3 Demand, revenue, elasticity and profit maximization
2.4 Summary
Discussion questions
Further reading
3 The neoclassical theory of the firm
3.1 Introduction
3.2 The neoclassical theory of the firm: historical development
3.3 Theories of perfect competition and monopoly
3.4 Efficiency and welfare properties of perfect competition and monopoly
3.5 Theory of monopolistic competition
3.6 Summary
Discussion questions
4 Managerial and behavioural theories of the firm
4.1 Introduction
4.2 Critique of the neoclassical theory of the firm
4.3 Separation of ownership from control: managerial theories of the firm
4.4 The behavioural theory of the firm
4.5 Summary
Discussion questions
Further reading
5 Transaction costs, agency and resource-based theories of the firm
5.1 Introduction
5.2 The Coasian firm
5.3 Transaction costs and the theory of the firm
5.4 Agency theory
5.5 Property rights and the theory of the firm
5.6 The resource-based theory of the firm
5.7 Summary
Discussion questions
Further reading
6. Corporate governance
6.1 Introduction
6.2 Agency problems and the need for corporate governance
6.3 Instruments of corporate governance
6.4 Corporate governance codes of practice
6.5 Corporate governance: implementation and empirical evidence
6.6 Business ethics
6.7 Corporate social responsibility
6.8 Summary
Discussion questions
Further reading
Part II: Structural Analysis of Industry
7 Oligopoly: non-collusive models
7.1 Introduction
7.2 Interdependence, conjectural variation, independent action and collusion
7.3 Models of output determination in duopoly
7.4 Models of price determination in duopoly
7.5 The kinked demand curve and models of price leadership
7.6 Summary
Discussion questions
Further reading
8 Oligopoly: collusive models
8.1 Introduction
8.2 Collusive action and collusive forms
8.3 Collusive institutions
8.4 Profit-maximizing models of price and output determination for a cartel
8.5 Other motives for collusion
8.6 Factors conducive to cartel formation
8.7 Influences on cartel stability
8.8 Summary
Discussion questions
Further reading
9 Game Theory
9.1 Introduction
9.2 Dominance and Nash Equilibrium
9.3 The prisoner’s dilemma game
9.4 Mixed strategies
9.5 Sequential Games
9.6 Repeated Games
9.7 Summary
10 Concentration: measurement and trends
10.1 Introduction
10.2 Market and industry definition
10.3 Official schemes for industry classification
10.4 Measures of seller concentration
10.5 Interpretation of concentration measures
10.6 Summary
Discussion questions
Further reading
11 Determinants of seller concentration
11.1 Introduction
11.2 Seller concentration: systematic determinants
11.3 The random growth hypothesis
11.4 Trends in concentration and the location of industry
11.5 Summary
Discussion questions
Further reading
12 Barriers to entry
12.1 Introduction
12.2 Types of barrier to entry
12.3 Entry-deterring strategies
12.4 Signalling commitment
12.5 Potential entry and contestability
12.6 Entry and industry evolution
12.7 Empirical evidence on entry
12.8 Summary
Discussion questions
Further reading
13 Market structure, firm strategy and performance
13.1 Introduction
13.2 Empirical tests of the SCP paradigm
13.3 Strategic groups
13.4 Sources of variation in profitability: industry, corporate and business unit effects
13.5 The new empirical industrial organization (NEIO)
13.6 The persistence of profit
13.7 Summary
Discussion questions
Further reading
Part III: Analysis of Firm Strategy
14 Pricing
14.1 Introduction
14.2 Cost plus pricing
14.3 Price discrimination
14.4 Peak-load pricing
14.5 Transfer pricing
14.6 Price dispersion
14.7 Summary
Discussion questions
Further reading
15 Auctions
15.1 Introduction
15.2 Auction formats and models of bidders’ valuations
15.3 The pure common value model and the winner’s curse
15.4 Optimal bidding strategies and revenue equivalence in the independent private values model
15.5 Extensions and additional topics in auction theory
15.6 Empirical evidence
15.7 Summary
Discussion questions
Further reading
16 Product differentiation
16.1 Introduction
16.2 Types of product differentiation
16.3 Monopolistic competition revisited: the socially optimal amount of product differentiation
16.4 Lancaster’s product characteristics model
16.5 Hotelling’s location model
16.6 Salop’s location model
16.7 Summary
Discussion questions Further
reading
17 Advertising
17.1 Introduction
17.2 Determinants of advertising expenditure
17.3 Advertising and product characteristics
17.4 Advertising and profit maximization
17.5 Advertising as a barrier to entry
17.6 Advertising, information search and quality signalling
17.7 Is there too much advertising?
17.8 Empirical evidence
17.9 Summary
Discussion questions
Further reading
18 Research and development
18.1 Introduction
18.2 Market structure, firm size and the pace of technological change
18.3 Investment in research and development
18.4 Diffusion
18.5 Patents
18.6 Empirical evidence
18.7 Summary
Discussion questions
Further reading
19 Horizontal mergers and strategic alliances
19.1 Introduction
19.2 Profit-maximizing motives for horizontal mergers
19.3 Non-profit- maximizing motives for horizontal mergers
19.4 Merger waves
19.5 Strategic alliances
19.6 Horizontal mergers: some empirical evidence
19.7 Summary
Discussion questions
Further reading
20 Vertical integration
20.1 Introduction
20.2 Motives for vertical integration: enhancement of market power
20.3 Motives for vertical integration: cost savings
20.4 Vertical disintegration
20.5 Empirical evidence on vertical integration
20.6 Agency and vertical relationships
20.7 Summary
Discussion questions
Further reading
21 Vertical restraints
21.1 Introduction
21.2 Motives for vertical restraints
21.3 Forms of vertical restraint
21.4 Summary
Discussion questions
Further reading
22 Network goods and services
22.1 Introduction
22.2 Demand for a network product or service
22.3 Market equilibrium price and quantity for a network good or service: perfect competition and monopoly
22.4 Market equilibrium price and quantity for a network good or service: duopoly
22.5 Forms of competition over standardization and compatibility
22.6 Summary
Discussion questions
Further reading
23 Diversification
23.1 Introduction
23.2 Types of diversification
23.3 Motives for diversification
23.4 Corporate focus and deconglomeration
23.5 Empirical evidence
23.6 The Multinational Enterprise
23.7 Summary
Discussion questions
Further reading
Part IV: Analysis of Public Policy
24 Competition policy
24.1 Introduction
24.2 Competition policy: theoretical framework
24.3 Elements of competition policy
24.4 Implementation of competition policy
24.5 Summary
Discussion questions
Further reading
Appendices: Analytical Tools
Appendix 1 Mathematical methods
Appendix 2 Econometric methods
Appendix 3 Solutions to quantitative questions
Glossary
Bibliography
Index

This text enables a thorough and coherent understanding of the core concepts and key topics of the industrial organization using a firmly real-world and case-centric approach.
Industrial organization draws upon contributions from a variety of fields of economic inquiry including game theory, information theory, organization theory, agency theory, and transaction cost analysis, as well as the related field of strategic management.

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