Depreciation Erodes the Coase Conjecture
Depreciation Erodes the Coase Conjecture
复制标题
贬值削弱了科斯猜想
DOI：
10.1016/0014-2921(95)00025-9
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发表时间：
1996
期刊：
影响因子：
--
通讯作者：
L. Karp
中科院分区：
文献类型：
--
作者：
L. Karp
如果一个持久的商品垄断者以不变的边际成本生产，而商品贬值，则存在一族强马尔可夫完美均衡(SMPE)。这个家族中的一个成员需要瞬时生产在竞争均衡中产生的库存水平；这与科斯猜想是一致的。家族中的其他SMPE需要在低于竞争均衡的库存水平下进行稳定生产。可能会跳跃到这些稳态，或者它们可能是渐近接近的。在这些均衡中，垄断利润是正的，科斯猜想失败了。
If a durable good monopolist produces at constant marginal costs and the good depreciates, there exists a family of Strong Markov Perfect Equilibrium (SMPE). One member of this family entails instantaneous production of the level of stock produced in a competitive equilibrium; this is consistent with the Coase Conjecture. Other SMPE in the family entail steady-state production at a stock level lower than in the competitive equilibrium. There may be a jump to these steady states, or they may be approached asymptotically. Monopoly profits are positive in these equilibria, and the Coase Conjecture fails.