imperfect competition


Also found in: Financial, Wikipedia.

imperfect competition

n
(Economics) economics the market situation that exists when one or more of the necessary conditions for perfect competition do not hold
Translations

imperfect competition

References in periodicals archive ?
Finally, we note that neoclassical models and models embodying imperfect competition can be modified to reverse their prediction that average labor productivity falls after an increase in government purchases.
In this paper a simple macroeconomic model with imperfect competition on the goods market is developed.
Chapters 6, 7 and 8 focus on the theoretical and historical juxtaposition of imperfect competition and The General Theory.
The results also show how this industry model is reproduced within the rivalry network structuring imperfect competition in the industry.
Several studies over the years have built upon and expanded Hotelling's model of spatial differentiation and imperfect competition to incorporate such phenomena as the number of firms (Eaton and Lipsey 1975), sequential entry and the cost of relocation in the market (Prescott and Visscher 1977), and the equilibrium properties of spatial differentiation in a multistaged game context (d'Aspremont, Gabszewics, and Thisse 1979; Economides 1989).
This last assumption has long been challenged, and the pioneering work in the 1930s of Joan Robinson and Edward Chamberlain on an economy theory of imperfect competition and market heterogeneity led to the recognition of the notion of market segmentation by marketeers (Smith, 1956).
Howard Botwinick argues that explanations of this phenomenon based on institutional, neoclassical, anddualisttheories, as we'll as theories of imperfect competition, segmentation, human capital, and efficiency wages, are inadequate.
This, he argues, is not the case, for there are well-known instances of government intervention in the economy and the prevalence of much imperfect competition in Korean markets.
Under the conditions of imperfect competition firms attain profit-maximizing price-quantity equilibrium if they operate at a point where MR |is less than~ P and MR = MC.
Serious theoretical problems arise when a more modern trade model uses realistic assumptions, such as imperfect competition and increasing returns to scale.
But the most memorable of their books were similar in that both studied the impact of imperfect competition on long-term development at a time when the rest of the profession was preoccupied with the optimality of perfect competition.
imperfect regulation can be every bit as bad as imperfect competition.