In this lecture we look at advertising with free-entry and advertising in oligopoly, before concluding with some empirics.
In this lecture we go through a model of vertical differentiation, then begin our final topic on advertising.
Below is the mock for the 2013 end of term test. The actual test will be the same, other than having different numbers in places.
In this lecture we look further at horizontal product differentiation models. The slides we did not cover in the lecture go over vertical differentiation models, and introduce advertising.
In this lecture we finish last week’s analysis of price discrimination by looking at some cases in which price discrimination actually reduces profits.
We go on to analyse horizontal product differentiation models, which are models in which different consumers prefer different goods.
In this lecture we look at some of the ways a monopolist can obtain higher profits than in the standard monopoly solution.
Below is the mock mid-term multiple choice test.
In this lecture we try to answer the question: “Will profits in reality be higher or lower than under Cournot?”. We look at the origins of Cournot competition, and analyze collusion in dynamic oligopoly.
In this lecture we go further into the consequences of Bertrand and Cournot competition, and we investigate the links between the two.