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Title: Bilateral oligopoly : countervailing market power
Authors: Brincat, Andrew
Keywords: Oligarchy
Monopolistic competition
Economic development -- Malta
Economic policy
Issue Date: 2015
Publisher: University of Malta. Junior College
Citation: Symposia Melitensia. 2015, No 10, p. 29-45
Abstract: Malta’s economy, minute by any standard, makes for imperfectly competitive market structures. The degree of this competition is quite interesting since many firms, in the wholesale, retail, as well as in other sectors, tend to form part of oligopolistic structures, such as banking, mobile phone service provision, internet service providers, bottled-water manufacturers, insurance, food importers, supermarkets, and new and used car importers. Oligopsony, or the concentration of market power in the hands of a few buyers, may be considered as the other side of the coin. Many studies of oligopsony have focused on retailers who manage to extract prices and conditions from providers or manufacturers that are beneficial to them, but not necessarily to consumers. This paper discusses the degree of oligopoly power and how the firm tends to wield this power. It also discusses the conceptual basis of bilateral oligopoly (oligopoly and oligopsony) and some of its economic and welfare effects.
ISSN: 1812-7509
Appears in Collections:Scholarly Works - JCEcon
SymMel, 2015, Volume 10
SymMel, 2015, Volume 10

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