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By P. J. Curwen (auth.)
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Extra resources for The Theory of the Firm
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Should, however, both firms wish to be leaders then no stable equilibrium is possible either until such time as one firm agrees to undertake the role of follower or until the two firms collude in order to maximise their joint profits. Where both firms wish to be leaders the situation is akin to that of economic warfare since each firm will be trying to force the rival firm into a subordinate role. Von Stackelherg suggested that each firm calculates in advance the profits associated with the various leader-follower combinations open to it.
In his seminal work Chamberlin 4 referred to the 'group' of competing firms as follows : The group contemplated is one which would ordinarily be regarded as composing one imperfecdy competitive market: a number of automobile manufacturers, of producers of pots and pans, of magazine publishers, or of retail shoe dealers. From our point of view, each producer within the group is a monopolist, yet his market is interwoven with those of his competitors, and he is no longer to be isolated from them.
Sulphur industry, an unusually long period of price stability. S. potash industry one major firm raised its price without its rivals follOWing suit, with the result that the firm's sales fell off dramatically. S. Theoretical Models of Oligopolistic Behaviour 49 oligopolies 6 he found that in no case did the above theory accurately portray the way in which these oligopolies were found to operate, and a follow-up study by Simon 7 of business magazine advertising rates in the United States between 1955 and 1964 also failed to lend empirical support to the kinked demand curve hypothesis.