An oligopoly is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in those industries. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are also mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits.
In economics, industrial organization is a field that builds on the theory of the firm by examining the structure of firms and markets. Industrial organization adds real-world complications to the perfectly competitive model, complications such as transaction costs, limited information, and barriers to entry of new firms that may be associated with imperfect competition. It analyzes determinants of firm and market organization and behavior on a continuum between competition and monopoly, including from government actions.
Jean-Jacques Marcel Laffont was a French economist specializing in public economics and information economics. Educated at the University of Toulouse and the Ecole Nationale de la Statistique et de l'Administration Economique (ENSAE) in Paris, he was awarded PhD in economics by Harvard University in 1975.
The industrial economics institute' (IDEI) is a research center in economics located in Toulouse (France) within the Toulouse 1 University Capitole. It was founded in 1990 by Jean-Jacques Laffont. The IDEI serves a dual purpose: allowing the University of Toulouse I to be competitive at an international level; providing administrations and companies with an interface between their activities and economic research.
The MIT Department of Economics is a department of the Massachusetts Institute of Technology in Cambridge, Massachusetts.
Bengt Robert Holmström is a Finnish economist who is currently Paul A. Samuelson Professor of Economics (Emeritus) at the Massachusetts Institute of Technology. Together with Oliver Hart, he received the Central Bank of Sweden Nobel Memorial Prize in Economic Sciences in 2016.
Mathias François Dewatripont is a Belgian economist and professor at the Université libre de Bruxelles (ULB) and visiting professor at the Massachusetts Institute of Technology (MIT).
The Kinked-Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices.
Catalyst Code: The Strategies Behind the World's Most Dynamic Companies is a book by Market Platform Dynamics founder David S. Evans and MIT economist Richard L. Schmalensee published in 2007.
Paul Lewis Joskow is an American economist and professor. He became President of the Alfred P. Sloan Foundation on January 1, 2008. He is also the Elizabeth and James Killian Professor of Economics, Emeritus at MIT. He has served on the MIT faculty since 1972. From 1994 through 1998 he was Head of the MIT Department of Economics. From 1999 through 2007 he was the Director of the MIT Center for Energy and Environmental Policy Research. Since rejoining in 2018 from his 1988-2007 term, Professor Joskow is Research Associate on the National Bureau of Economic Research (NBER).
Frederic Michael Scherer is an American economist and expert on industrial organization. Since 2006, he continues as a professor of economics at the JFK School of Government at Harvard University.
Markus Konrad Brunnermeier is an economist, who is the Edwards S. Sanford Professor of Economics at Princeton University.
Drew Fudenberg is a Professor of Economics at MIT. His extensive research spans many aspects of game theory, including equilibrium theory, learning in games, evolutionary game theory, and many applications to other fields. Fudenberg was also one of the first to apply game theoretic analysis in industrial organization, bargaining theory, and contract theory. He has also authored papers on repeated games, reputation effects, and behavioral economics.
Toulouse School of Economics is a school of economics, affiliated with Toulouse 1 Capitole University, a constituent college of the Federal University of Toulouse Midi-Pyrénées. It is located in the city of Toulouse, France.
A Markov perfect equilibrium is an equilibrium concept in game theory. It has been used in analyses of industrial organization, macroeconomics, and political economy. It is a refinement of the concept of subgame perfect equilibrium to extensive form games for which a pay-off relevant state space can be identified. The term appeared in publications starting about 1988 in the work of economists Jean Tirole and Eric Maskin.
Xavier Vives is a Spanish economist regarded as one of the main figures in the field of industrial organization and, more broadly, microeconomics. He is currently Chaired Professor of Regulation, Competition and Public Policies, and academic director of the Public-Private Sector Research Center at IESE Business School in Barcelona.
Emmanuel Farhi was a French economist who served as the Robert C. Waggoner Professor of Economics at Harvard University from 2018 till his death in 2020. A specialist in macroeconomics, taxation and finance, he also served on the Conseil d’Analyse Économique from 2010 to 2010. On July 23, 2020, aged 41, Farhi committed suicide.
David Martimort is a French economist and Professor at the Toulouse School of Economics. Martimort is one of the most highly cited researchers in the field of contract theory. His research has been awarded the Best Young French Economist Award in 2004.
Peter Klibanoff is an American economist who is currently John L. and Helen Kellogg Professor of Managerial Economics & Decision Sciences at the Kellogg School of Management.
Dimitri Vayanos, FBA, is an economist and academic. Since 2004, he has been professor of finance at the London School of Economics.
