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- W4244515188 abstract "This chapter discusses perfect competition, the Profit Criterion, and the organization of economic activity. If firms have monopoly power, then it is well known that profit seeking will generally result in the marketing of an inefficient set of commodities. However, if firms are perfect competitors, then it is widely believed that self-interested profit seeking will result in an efficient set of marketed commodities. That is, an economic system founded on the Profit Criterion is efficient. The chapter presents a competitive model that endogenously determines the set of traded commodities. The chapter presents (a) characterization of a perfectly competitive firm as an idealization of Hart's small firm in his limiting economy, (b) the unanimity result, which is a reformulation of Hart's unanimity result, showing that it follows from firms being perfectly competitive, and (c) the optimality result, which is a simplified version of Hart's optimality theorem, showing that it depends crucially on convexity and differentiability assumptions. In some sense the model completes the standard competitive model, which may be interpreted as a model in which the set of markets—whether complete or incomplete—is exogenously given." @default.
- W4244515188 created "2022-05-12" @default.
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- W4244515188 date "1982-01-01" @default.
- W4244515188 modified "2023-09-28" @default.
- W4244515188 title "Perfect Competition, the Profit Criterion, and the Organization of Economic Activity" @default.
- W4244515188 doi "https://doi.org/10.1016/b978-0-12-476750-8.50010-5" @default.
- W4244515188 hasPublicationYear "1982" @default.
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