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Topic: Bilateral Monopoly

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Bilateral Monopoly

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	Bilateral Monopoly: A Solution
		I assume players of bilateral monopoly, to demonstrate their resolution, maintain a consistent strategy over many plays with different opponents.
		Bilateral monopoly is a two person game whose sum (which I call the surplus) is positive if the players reach an agreement on its division, otherwise zero.
		[6] But a businessman who in some particular situation finds himself part of a temporary bilateral monopoly, the only seller or the only buyer of a unique good (where the uniqueness may well be a matter of time and place, and not of intrinsic qualities), expects to find himself in similar situations many times again.
	www.daviddfriedman.com /Academic/Bilateral_Monopoly_%C4/Bilateral_Monopoly.html (3375 words)

	The Economics of Networks: Quality Coordination in Mix-and-Match
		In bilateral monopoly, marginal increases in quality have a bigger impact on price.
		Being able to sell the same quality at a higher price than under integrated monopoly, the bilateral monopolists choose lower quality levels, which are less costly.
		Note that this is not because of lack of coordination between the bilateral monopolists in the choice of quality, since they both choose the same quality level.
	www.stern.nyu.edu /networks/333.html (486 words)

	Bilateral Monopoly Situation: The Market for Baseball Players
		This would create a situation called bilateral monopoly; in this case, it’s the factor market in which there is a single buyer and a single seller.
		MR is, in effect, a marginal revenue curve (for the monopoly seller of baseball players’ services), when we consider that MRP is the demand curve for baseball players’ services by monopoly team owners.
		It is the curve labeled MR, which is marginal to the demand curve for baseball players (MRP) by monopoly team owners.
	wps.aw.com /aw_miller_econtoday_13/0,10350,1934557-content,00.html (1128 words)

	monopoly - Information from Reference.com
		Monopoly is often opposed, as it is believed to result in excessive prices, either to boost profits or because of a lack of incentive to keep down costs through efficient or innovative operations.
		Monopoly is defended where there are large economies of scale, or it is thought that profits will help consumers in the long run by financing research.
		monopoly, market condition in which there is only one seller of a certain commodity; by virtue of the long-run control over supply, such a seller is able to exert nearly total control over prices.
	www.reference.com /browse/all/monopoly (880 words)

	Monopoly - Wikipedia, the free encyclopedia
		Monopolies are often distinguished based on the circumstances under which they arise; the broadest distinction is between monopolies that are the result of government intervention and those that arise without it e.g.
		When such a monopoly is granted to a private party, it is a government-granted monopoly; when it is operated by government itself, it is a government monopoly or state monopoly.
		A local monopoly is a monopoly of a market in a particular area, usually a town or even a smaller locality: the term is used to differentiate a monopoly that is geographically limited within a country, as the default assumption is that a monopoly covers the entire industry in a given country.
	en.wikipedia.org /wiki/Monopoly (2577 words)

	Oligopoly - Wikipedia, the free encyclopedia
		A market with a few sellers (oligopoly) and a few buyers (oligopsony) is referred to as a bilateral oligopoly.
		The terms monopoly (one seller), monopsony (one buyer), and bilateral monopoly have a similar relationship.
		Where there is a formal agreement for such collusion, this is known as a cartel.
	en.wikipedia.org /wiki/Oligopoly (890 words)

	SSRN-Perfect Competition in a Bilateral Monopoly (In Honor of Martin Shubik) by Pradeep Dubey, Dieter Sondermann
		SSRN-Perfect Competition in a Bilateral Monopoly (In Honor of Martin Shubik) by Pradeep Dubey, Dieter Sondermann
		In particular, Nash equilibria are Walrasian even in a bilateral monopoly.
		Dubey, Pradeep K. and Sondermann, Dieter, "Perfect Competition in a Bilateral Monopoly (In Honor of Martin Shubik)" (September 2005).
	papers.ssrn.com /Sol3/papers.cfm?abstract_id=816105 (255 words)

	Econbrowser: A supreme mistake
		Utter rubbish in a situation of bilateral monopoly, which is precisely the situation under discussion.
		Posted by: decon at June 30, 2005 01:33 PM Existence of a "bilateral monopoly" is no explanation for two parties failing to arrive at a mutually advantageous exchange, decon.
		Posted by: JDH at June 30, 2005 02:26 PM The reason bilateral monopoly matters, in my mind, is because it means the rationality assumption matters.
	www.econbrowser.com /archives/2005/06/a_supreme_mista.html (678 words)

	On Bilateral Monopoly: A Fragment from the Projected Volume Two of Marshall’s Principles
		Marshall’s incomplete and inaccurate attempts to provide references suggest that the fragment was composed when he was away from his books, but the intention seems to have been to use the fourth edition of his first volume as the primary source, suggesting a composition date no earlier than 1898.
		He has therefore less motive for energy and enterprise than if the two monopolies were held in one hand, and the whole benefit of any outlay that improved the combined product went to him that made the outlay.
		Another form is seen in the relation of landlord and shopkeeper tenant, where the tenant could not move without breaking with his custom and thus losing perhaps more than he would by the doubling of his rent, though that is perhaps already higher than a new tenant would consent to pay [4].
	www.dse.unifi.it /marshall/whita8.htm (1818 words)

	Boyes/Melvin Chapter Overview and Strategies
		Care must be taken to construct Figure 9 and to emphasize that bilateral monopoly poses an indeterminant solution in economics.
		Bilateral monopoly: In this case a single monopsony buyer faces a labor union.
		In theory, bilateral monopoly cannot give a particular equilibrium wage, only a range of possible wages (Figure 5).
	college.hmco.com /economics/boyes_melvin/shared/faculty/chov30.html (827 words)

	Monopsony 6 (Site not responding. Last check: 2007-10-16)
		A bilateral monopoly exists when monopoly power exists in both the supply and demand aspects of the labor market.
		In this case, the union acts as a monopoly supplier of labor because the union is the single negotiator for all workers.
		The monoponist has a monopoly from the employer’s point of view—all individuals with an interest in this profession must work for one particular firm.
	www.clt.astate.edu /marburger/monopsony_61.htm (237 words)

	Bilateral free trade and investment agreements and the US corporate biotech agenda
		Bilateral free trade agreements are seen by the agricultural biotechnology industry as an important conduit for spreading genetically modified organisms (GMOs) around the world.
		US agribusiness corporations are looking into bilateral and regional trade agreements “to expand foreign understanding and acceptance of US regulations and standards, particularly with respect to agricultural biotechnology.” Meanwhile, the US Administration sees these agreements as useful political instruments to further its broader geopolitical interests.
		The business coalitions that are the biggest driving force behind bilateral free trade and investment negotiations are quite open about their self-interest, and eager to keep upping the stakes and locking governments into even tougher standards to ensure expanded profit margins and monopoly control.
	www.bilaterals.org /article.php3?id_article=4861 (451 words)

	Bargaining - The MIT Press
		To do this, the study derives a wage equation from a bargaining model and then tests this equation on data for manufacturing industries in the United States, drawing conclusions that have important implications for income distribution and for the analysis of union-nonunion wage differentials.
		The study presents a survey of bargaining theories, selects one that is most applicable -- Nash's theory of bargaining -- and from it constructs a model of the firm under bilateral monopoly (the situation in which one employer faces one union and both are price setters rather than price takers).
		The bargaining wage equation derived from the Nash bilateral monopoly model is then tested on data for several manufacturing industries.
	mitpress.mit.edu /catalog/item/default.asp?ttype=2&tid=5731 (283 words)

	Economics Interactive
		Bilateral aid is unreciprocated financial assistance or transfers of goods or resources from one country that promote national security or development in another country.
		Bilateral trade is international trade between two countries.
		Bilateral trade agreements usually offer favorable reductions of trade barriers between the two countries not extended to other countries.
	www.unc.edu /depts/econ/byrns_web/Economicae/EconomicaeB.htm (4602 words)

	Price Theory, Chapter 11: Game Theory, Strategic Behavior, and Oligopoly
		When it fails to do so, as in the analysis of oligopoly or bilateral monopoly, it rapidly degenerates from a coherent theory to a set of educated guesses.
		A merger may be intended to give the new firm a monopoly at the expense of a higher production cost, but it may also be a way of lowering production costs by combining the different strengths of several different firms.
		If we add to our description of bilateral monopoly or three-person majority vote the realistic assumption that bargaining costs something, since it uses up time and energy that could be spent doing something else, a Schelling point seems a possible solution.
	www.daviddfriedman.com /Academic/Price_Theory/PThy_Chapter_11/PThy_Chapter_11.html (20316 words)

	OECD Glossary of Statistical Terms - Bilateral monopoly / oligopoly
		A bilateral monopoly/oligopoly is a situation where there is a single (or few) buyer(s) and seller(s) of a given product in a market.
		Under certain circumstances the buyer(s) can exercise countervailing power to constrain the market power of a single or few large sellers in the market and result in greater output and lower prices than would prevail under monopoly or oligopoly.
		However, if the supply of the product upstream is restricted and there is no effective competition downstream, the bilateral monopoly/oligopoly may result in joint profit maximization between sellers-buyers to the detriment of consumers.
	stats.oecd.org /glossary/detail.asp?ID=3152 (249 words)

	Rasmusen Weblog: Bilateral Monopoly Average Prices
		Monopoly-- the sellers cartelize, but buyers are price takers.
		Bilateral monopoly-- both buyers and sellers cartelize, and then they
		(C) Sellers are worst off under Monopsony or Bilateral Monopoly, depending on
	www.rasmusen.org /x/archives/000156.html (201 words)

	Long-Term Bilateral Monopoly: The Case of an Exhaustible Resource
		Long-Term Bilateral Monopoly: The Case of an Exhaustible Resource
		Abstract: We construct a model of long-term bilateral competition between the supplier of an exhaustible resource and a consuming country capable of producing a perfect substitute for the resource.
		The technology for producing the substitute is known, and the strategy of the consuming country is to choose an investment program for installing the substitute.
	www.rje.org /abstracts/abstracts/1986/Spring_1986._pp._89_104.html (188 words)

	Abstract for Cowles Foundation Discussion Paper 1534
		It is not necessary to have competitors on any side of any market: smooth trading is a substitute for price wars.
		In particular, Nash equilibria are Walrasian even in a bilateral monopoly.
		Keywords: Limit orders, double auction, Nash equilibria, Walras equilibria, perfect competition, bilateral monopoly, mechanism design
	cowles.econ.yale.edu /P/ab/a15/a1534.htm (87 words)

	Odkrywkowa kopalnia węgla brunatnego i elektrownia jako bilateralny monopol w ujęciu klasycznym
		Opencast lignite mine and power plant as a bilateral monopoly in classical solution Based on example of opencast lignite mine and power plant operating on liberalized energy market the classical solution maximizing joint profits of bilateral monopoly has been presented.
		The graphic solution of finding the optimal quantity of coal production and contract curve has been presented based on demand, marginal revenue and cost curves.
		The need of further adaptation of presented classical bilateral model and its solution has been stressed in order to take into account restrictions imposed by the fact that one side of bilateral monopoly is an opencast mine exploiting unique lignite deposit.
	ideas.repec.org /p/pra/mprapa/530.html (403 words)

	Bilateral Monopoly
		A market that has only one supplier and one buyer.
		The lone buyer will look towards paying a price that is as low as possible.
		Since both parties have conflicting goals, the two sides must negotiate based on the relative bargaining power of each, with a final price settling in between the two sides's points of maximum profit.
	www.investopedia.com /terms/b/bilateralmonopoly.asp (382 words)

	Bilateral Monopoly
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		A market characterized by a single seller and a single buyer, otherwise known as a monopoly and a monopsony.
		Examples of a bilateral monopoly frequently occur in the public sector where a government education employer negotiates with a single teachers' union on pay and conditions.
	www.economyprofessor.com /economictheories/bilateral-monopoly.php (85 words)

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