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In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, holds that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibria (and therefore desirable welfare outcomes) because of the existence of potential short-term entrants. A perfectly contestable market has three main features: 1. * No entry or exit barriers 2. * No sunk costs 3. * Access to the same level of technology (to incumbent firms and new entrants)

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  • Contestable market
  • Bestreitbarkeit
  • Mercados disputados
  • Marché contestable
  • Mercato contendibile
  • Rynek kontestowalny
  • Mercado disputado
  • 可竞争市场
rdfs:comment
  • Le marché contestable est un marché sur lequel la concurrence potentielle (la « menace » d’entrée d’une entreprise concurrente) garantit les prix concurrentiels, même si le marché est en réalité dominé par une seule ou par plusieurs entreprises. Ce modèle théorique a été énoncé par les économistes William Baumol, Panzar et Willig en 1982.
  • Rynek kontestowalny (ang. contestable market) – rynek oligopolistyczny, na którym sprzedawcy zachowują się podobnie jak w warunkach konkurencyjnych. Jest to wynikiem niskich barier wejścia, co powoduje, że podmioty funkcjonujące na danym rynku znajdują się pod presją potencjalnych wejść. Warunkiem kontestowalności rynku są niskie koszty utopione (sunk costs). Teorię rynków kontestowalnych ogłosili w 1982 roku William Baumol, John Panzar i Robert Willig.
  • No contexto da microeconomia um mercado disputado (em inglês: contestable market) é um mercado caraterizado por nenhumas (ou poucas) barreiras à entrada e que possibilita assim a entrada de um potencial concorrente.
  • 可竞争市场(英语:Contestable market)在经济学中指在市场中可以形成竞争性价格,即便市场上只有一家企业,即垄断企业。可竞争市场的基本特点是进入退出壁垒(Barriers to entry and exit)很低;一个绝对可竞争市场是完全没有进入及退出壁垒的。可竞争市场具有“打了就跑”(Hit and run)理论的特点,即潜在竞争者进入市场谋取短期利润,当市场中的已有企业降低价格以回击新竞争者时,竞争者便立刻退出市场。因此这种情况下,即使市场上仅有一个企业,该市场仍然具有极具竞争性。 可竞争市场的理论已经被用于反击反托拉斯法的一些弱点,包括仅仅看市场是否垄断并不意味着垄断企业获得高额利润而消费者受害。然而该理论在实际世界中的应用却频遭质疑,尤其是真实社会能摆脱沉没成本(Sunk cost)和完全取消进入退出壁垒的市场很少见。 低价航空业经常被用作例子说明可竞争市场。新入市场者可以租用飞机,并对市场内的高利润有较快进入和退出的能力。实际上该市场仍然会有一些进入退出壁垒,也可能会遇到机场租用和空闲度,以及已存在企业采取的掠夺性价格(Predatory pricing)政策。
  • In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, holds that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibria (and therefore desirable welfare outcomes) because of the existence of potential short-term entrants. A perfectly contestable market has three main features: 1. * No entry or exit barriers 2. * No sunk costs 3. * Access to the same level of technology (to incumbent firms and new entrants)
  • Unter Bestreitbarkeit (englisch contestability) versteht man in der Mikroökonomie die Möglichkeit eines Markteintritts durch einen potenziellen Konkurrenten. Genauer gesagt, ist ein Markt bestreitbar, wenn die Markteintritts- und Marktaustrittskosten null sind (vgl. Marktzutritt). Ist ein Markteintritt leicht möglich (d. h. liegen wenige oder gar keine Marktschranken vor), so spricht man von einem bestreitbaren Markt. Können andere Unternehmen aufgrund zu hoher Marktschranken selbst bei hohen erzielbaren Gewinnen nicht in den Markt eintreten, so handelt es sich um einen nicht bestreitbaren Markt.
  • La teoría de los mercados disputados o (en inglés "contestable markets") fue dada a conocer por primera vez por William Baumol, John Panzar y Robert Willig en 1982 titulada Constestable Market and the Theory of Industry Structure ('Los Mercados Disputados y la Teoría de la Estructura Industrial'). Esta teoría trata de demostrar que un mercado monopolista u oligopolista puede llegar a asemejarse bastante a una estructura de mercado competitivo. Se da en la situación en que la empresa en situación de monopolio es amenazada por competidores potenciales, candidatos a entrar en el mercado, que en cualquier momento podrían acabar con su monopolio. Para que esto no ocurra, y considerando que realiza prácticas legítimas, la empresa monopolista no tiene más opción que tomar medidas cercanas a la co
  • La teoria dei mercati contendibili, sviluppata da William Baumol, Robert Willig e John C. Panzar, sostiene che non solo il grado di concorrenza del mercato influenza la quantità offerta e il suo prezzo, ma anche l'esistenza di una minaccia di concorrenza.Infatti, se un altro soggetto avesse la possibilità di entrare in un mercato monopolistico con una nuova impresa, il comportamento del monopolista cambierebbe e diventerebbe più simile a quello di un produttore in concorrenza perfetta.Una siffatta evenienza può capitare quando ci troviamo in un mercato perfettamente contendibile, cioè quando i costi di entrata e di uscita nel mercato, da parte di potenziali rivali con la stessa tecnologia del monopolista, sono nulli, e quindi nuove imprese entreranno, molto rapidamente, nel mercato, attira
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  • In economics, the theory of contestable markets, associated primarily with its 1982 proponent William J. Baumol, holds that there are markets served by a small number of firms that are nevertheless characterized by competitive equilibria (and therefore desirable welfare outcomes) because of the existence of potential short-term entrants. A perfectly contestable market has three main features: 1. * No entry or exit barriers 2. * No sunk costs 3. * Access to the same level of technology (to incumbent firms and new entrants) A perfectly contestable market is not possible in real life. Instead, the degree of contestability of a market is talked about. The more contestable a market is, the closer it will be to a perfectly contestable market. Economists argue that determining price and output is actually dependent not on the type of market structure (whether it is a monopoly or perfectly competitive market) but on the threat of competition. Thus, for example, a monopoly protected by high barriers to entry (for example, it owns all the strategic resources) will make supernormal or abnormal profits with no fear of competition. However, in the same case, if it did not own the strategic resources for production, other firms could easily enter the market, which would lead to higher competition and thus lower prices. That would make the market more contestable. Sunk costs are those costs that cannot be recovered after a firm shuts down. For example, if a new firm enters the steel industry, the entrant needs to buy new machinery. If, for any reason, the new firm could not cope up with the competition of the incumbent firm, it will plan to move out of the market. However, if the new firm cannot use or transfer the new machines that it bought for the production of steel to other uses in another industry, the fixed costs on machinery become sunk costs so if there are sunk costs in the market, they impede the first assumption of no exit barriers. That market will not be contestable, and no firms would enter the steel industry. It is very important for firms to have access to the same level of technology as that helps determine the average cost of the product. An incumbent firm having more knowledge and access to a technology for the production of a commodity could enjoy higher economies of scale in the form of lower average cost of production. A new firm entering the market, with insufficient information or technology, could incur a higher average cost of production and so be unable to compete with the incumbent firm. That would lead to the incumbent firm enjoying monopoly power and supernormal profit in the market, as the new firm will exit the market. A solution to the problem could be governments providing equal access to knowledge and technology, as well as financial resources for the same. Its fundamental features are low barriers to entry and exit; in theory, a perfectly contestable market would have no barriers to entry or exit ("frictionless reversible entry" in economist William Brock's terms). Contestable markets are characterized by "hit and run" competition; if a firm in a contestable market raises its prices much beyond the average price level of the market, and thus begins to earn excess profits, potential rivals will enter the market, hoping to exploit the price level for easy profit. When the original incumbent firm(s) respond by returning prices to levels consistent with normal profits, the new firms will exit. Because of that, even a single-firm market can show highly competitive behavior. The applicability of the theory to real-world situations may be questioned, however, particularly as there are very few markets which are completely free of sunk costs and entry and exit barriers. Low-cost airlines remain a commonly referenced example of a contestable market; entrants have the possibility of leasing aircraft and should be able to respond to high profits by quickly entering and exiting. However, it is now generally admitted that Baumol's judgment that the US airline industry was therefore best left deregulated was incorrect since the now duly deregulated industry is "well on its way" to evolving into a concentrated oligopoly. More generally, experimental evidence collected since the publication of Baumol's paper has suggested that perfectly competitive markets would, if they existed, behave in the way Baumol outlined, the performance of imperfectly contestable markets (i.e. real-world markets) depends "on actual rather than potential competition" perhaps in part due to the range of "strategic responses" available to incumbents that were not considered by Baumol as part of his theory. The theory of contestable markets has been used to argue for weaker application of antitrust laws, as simply observing a monopoly market may not prove that a firm is exploiting its market power to control the price level. Baumol himself argued based on the theory for both deregulation in certain industries and for more regulation in others.
  • Unter Bestreitbarkeit (englisch contestability) versteht man in der Mikroökonomie die Möglichkeit eines Markteintritts durch einen potenziellen Konkurrenten. Genauer gesagt, ist ein Markt bestreitbar, wenn die Markteintritts- und Marktaustrittskosten null sind (vgl. Marktzutritt). Ist ein Markteintritt leicht möglich (d. h. liegen wenige oder gar keine Marktschranken vor), so spricht man von einem bestreitbaren Markt. Können andere Unternehmen aufgrund zu hoher Marktschranken selbst bei hohen erzielbaren Gewinnen nicht in den Markt eintreten, so handelt es sich um einen nicht bestreitbaren Markt. Die Bestreitbarkeit eines Marktes wird bestimmt durch die am Markt vorhandenen Marktschranken, den Zugang zu Absatz-, Beschaffungsmärkten und adäquaten Technologien, sowie das Preissetzungsverhalten der bisherigen Anbieter am Markt (im Falle eines Monopols oder Oligopols). Ist ein Markt bestreitbar können die dort tätigen Anbieter keine dauerhaften Profite erzielen.
  • La teoría de los mercados disputados o (en inglés "contestable markets") fue dada a conocer por primera vez por William Baumol, John Panzar y Robert Willig en 1982 titulada Constestable Market and the Theory of Industry Structure ('Los Mercados Disputados y la Teoría de la Estructura Industrial'). Esta teoría trata de demostrar que un mercado monopolista u oligopolista puede llegar a asemejarse bastante a una estructura de mercado competitivo. Se da en la situación en que la empresa en situación de monopolio es amenazada por competidores potenciales, candidatos a entrar en el mercado, que en cualquier momento podrían acabar con su monopolio. Para que esto no ocurra, y considerando que realiza prácticas legítimas, la empresa monopolista no tiene más opción que tomar medidas cercanas a la competencia perfecta, por ejemplo disminuyendo su precio de venta hasta que sea igual al coste marginal, mejorando e innovando el producto o servicio, etc.Lo que provoca que su poder monopolista de mercado se vea notablemente mermado.
  • Le marché contestable est un marché sur lequel la concurrence potentielle (la « menace » d’entrée d’une entreprise concurrente) garantit les prix concurrentiels, même si le marché est en réalité dominé par une seule ou par plusieurs entreprises. Ce modèle théorique a été énoncé par les économistes William Baumol, Panzar et Willig en 1982.
  • La teoria dei mercati contendibili, sviluppata da William Baumol, Robert Willig e John C. Panzar, sostiene che non solo il grado di concorrenza del mercato influenza la quantità offerta e il suo prezzo, ma anche l'esistenza di una minaccia di concorrenza.Infatti, se un altro soggetto avesse la possibilità di entrare in un mercato monopolistico con una nuova impresa, il comportamento del monopolista cambierebbe e diventerebbe più simile a quello di un produttore in concorrenza perfetta.Una siffatta evenienza può capitare quando ci troviamo in un mercato perfettamente contendibile, cioè quando i costi di entrata e di uscita nel mercato, da parte di potenziali rivali con la stessa tecnologia del monopolista, sono nulli, e quindi nuove imprese entreranno, molto rapidamente, nel mercato, attirate dalla possibilità di ottenere extra profitti, ed eroderanno l'ammontare del profitto del monopolista, riducendolo al livello del profitto normale.Si comprende che la sola minaccia di una evenienza di questo tipo indurrà il monopolista a mantenere bassi i prezzi e a produrre nel modo più efficiente possibile, per mantenere bassi i costi, sfruttando tutte le economie di scala e ogni nuova tecnologia a sua disposizione. I costi nulli di entrata e di uscita (nel e) dal mercato costituiscono un incentivo per le imprese a entrare in un mercato dove è presente una sola impresa; infatti, quando si crea una nuova impresa bisogna sostenere ingenti spese in impianti e macchinari.Una volta impiegato, il capitale diventa fisso.Se questo costo fisso non è superiore a quello dell'impresa già presente sul mercato, allora l'impresa entrante potrebbe riuscire ad operare sul mercato. Ma in caso di insuccesso, e quindi nella necessità di dover uscire dal mercato, l'impresa riesce a recuperare il capitale investito, per poterlo utilizzare in modo diverso, solo se non ci sono costi di uscita.Questo accade quando il capitale strumentale investito può essere trasferito, cioè non ci sono costi fissi irrecuperabili (Sunk Cost).Questa situazione incentiva le imprese a correre il rischio di entrare in un mercato monopolistico, perché sanno che, male che vada, potranno recuperare il capitale investito e destinarlo ad altri impieghi.Per esempio un'impresa di trasporti su ruota, che decide di aprire lo stesso servizio su una linea già servita da una sola impresa, se non riesce a rimanere sul mercato, potrà utilizzare i suoi mezzi di trasporto su un'altra linea in quanto il loro costo non è irrecuperabile.Quanto minori sono i costi di uscita, tanto più contendibile sarà il mercato.Quanto più contendibile è il mercato, tanto più un'industria, anche monopolistica, sarà costretta ad operare in condizioni simili a quelle della concorrenza perfetta.Quindi se un monopolio riesce a operare in un mercato perfettamente contendibile, vuol dire che, grazie alle economie di scala, può produrre a costi bassi, e mantenere il profitto e i prezzi più bassi per effetto della concorrenza potenziale.
  • Rynek kontestowalny (ang. contestable market) – rynek oligopolistyczny, na którym sprzedawcy zachowują się podobnie jak w warunkach konkurencyjnych. Jest to wynikiem niskich barier wejścia, co powoduje, że podmioty funkcjonujące na danym rynku znajdują się pod presją potencjalnych wejść. Warunkiem kontestowalności rynku są niskie koszty utopione (sunk costs). Teorię rynków kontestowalnych ogłosili w 1982 roku William Baumol, John Panzar i Robert Willig.
  • No contexto da microeconomia um mercado disputado (em inglês: contestable market) é um mercado caraterizado por nenhumas (ou poucas) barreiras à entrada e que possibilita assim a entrada de um potencial concorrente.
  • 可竞争市场(英语:Contestable market)在经济学中指在市场中可以形成竞争性价格,即便市场上只有一家企业,即垄断企业。可竞争市场的基本特点是进入退出壁垒(Barriers to entry and exit)很低;一个绝对可竞争市场是完全没有进入及退出壁垒的。可竞争市场具有“打了就跑”(Hit and run)理论的特点,即潜在竞争者进入市场谋取短期利润,当市场中的已有企业降低价格以回击新竞争者时,竞争者便立刻退出市场。因此这种情况下,即使市场上仅有一个企业,该市场仍然具有极具竞争性。 可竞争市场的理论已经被用于反击反托拉斯法的一些弱点,包括仅仅看市场是否垄断并不意味着垄断企业获得高额利润而消费者受害。然而该理论在实际世界中的应用却频遭质疑,尤其是真实社会能摆脱沉没成本(Sunk cost)和完全取消进入退出壁垒的市场很少见。 低价航空业经常被用作例子说明可竞争市场。新入市场者可以租用飞机,并对市场内的高利润有较快进入和退出的能力。实际上该市场仍然会有一些进入退出壁垒,也可能会遇到机场租用和空闲度,以及已存在企业采取的掠夺性价格(Predatory pricing)政策。
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