미시경제학2 중간정리

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1. Monopoly

완전경쟁시장에서는 생산자들이 Price Taker였으나, 완전경쟁이 아닌 독점이나 독점적경쟁, 그리고 과점에서의 생산자들은 Price Setter이다. 즉 market power가 있다. 생산자가 price setter이다는 것은 즉 생산자가 마주하는 소비곡선이 완전경쟁에서의 수평선이 아니라 우하향하는 기울기를 갖는 것임을 말한다. 우하향하는 소비곡선을 마주하기 때문에 생산량을 늘리기 위해선 판매가격을 낮추어야 한다.
2. Profit Maximization

Profit function π = TR - TC π = p(y)·y - c(y)- Solution FOC : π' = 0 ⇒ MR = MC ⇒ y* 구하기 ⇒ p(y)에 대입해서 p* 구하기 ⇒ π(y)에 대입해서 π* 구하기 (cf. 완전경쟁시장에서는 P = MR = MC, 독점에서는 P > MR = MC)
3. Marginal Revenue (MR)

y- p(y) = a-by일 때 TR = p(y)·y = ay-by2 MR = TR' = a-2by ⇒ 수요곡선이 우하향하는 직선일 때 MR곡선은 같은 p절편에서 기울기 2배- 일반론 TR = p(y)·y MR = dTR/dy = p'(y)·y + p(y) = {dp(y)/dy}·y + p(y) = p(y)·[1 + {dp(y)/dy}·{y/p(y)}] = p(y)·[1 + (1/εp)] or p(y)·[1 - (1/|εp|)]
4. Profit Tax

Profit Tax levied to firms at the rate of t Firm's after-tax-profit is ⇒ (1-t)π(y) = (1-t)[p(y)·y - c(y)] Maximizing after-tax-profit ⇒ maxy(1-t)π(y) ≈ maxyπ(y) ⇒ MR = MC ⇒ 세금 부과 전과 마찬가지로 이윤을 극대화하는 y를 구하는 것으로, 외생변수인 t는 아무런 영향이 없다 (상식적으로 생각해봐도 가장 이윤 파이를 크게 키워야지만 일정비율 t만큼 떼어가도 남은 파이가 클 것)
5. Quantity Tax

Quantity Tax t levied to a firm Cost function after quantity tax ⇒ ct(y) = c(y) + t·y Marginal cost function after quantity tax ⇒ MCt = MC + t ⇒ MC 곡선을 위로 t만큼 평행이동 ⇒ 균형생산량 y*는 줄어들고, 균형가격 p*는 증가함
6. Pareto Efficiency

Monopolistic price is not Pareto efficient, because p≠MC = MR 독점기업은 생산량을 늘려도 소비자의 지불의사보다 낮은 가격에 생산할 수 있으므로, 더 생산하는 것은 독점 기업에게도 better off이고, 소비자는 더 낮은 가격에 구매할 수 있어서 기존 소비자의 효용은 올라가고, 새로운 소비자의 효용도 생기게 된다. 독점기업의 독점균형에서 P=MC인 점으로 생산량을 바꾸면 pareto efficient 하다.
7. Natural Monopoly

독점기업의 AC 곡선이 시장 전체를 아우를 수 있을 만큼 크고, 규모의경제만을 갖는다면, 그러한 상황을 natural monopoly라고 한다. → 독점기업의 MES이 시장규모에 비해 상당히 클 경우 통신사는 고정비용은 크지만 가변비용은 거의 없기 때문에, AC곡선이 무한하게 감소한다 자연독점 상황에서는 기업이 여러개인 경우보다 1개인 경우에만 최저비용으로 재화를 생산할 수 있다.
8. Monopolistic Competition

Infinite number of firms producing very similar but not homogeneous goods, not perfect substitutes. Each firm has some of Monopoly Power. But the firm's monopoly power isn't as strong enough as pure monopoly firms. ⇒ Slight downward demand curve Cf. 완전경쟁 : 수평 수요곡선 / 독점 : 가파른 우하향 수요곡선 / 독점적 경쟁 : 완만한 우하향 수요곡선 ⇒ 수요곡선 우하향하므로 MR = MC인 곳에서 π maximized
9. Oligopoly and Duopoly

Focus on strategic interactions of two firms 1. Sequential game model- Stackelberg model : quantity leader-follower model - Price leadership model : price leader-follower model 2. Simultaneous game model- Cournot model : simultaneous quantity decision model - Bertrand model : simultaneous price decision model 3. Cooperative game model- Collusion
10. Behavioral Economics

Conventional rational choice model predicts behavior poorly in some specific circumstances. The value of behavioral economics is that it points out weaknesses of the rational choice model, thereby directing econompists to where improvements must be made and so increasing the usefulness of economic science.
11. Bargaining Game

There is a pie of size 1 and two players bargain over the division of it The players have 3 periods in which to decide how to divide the pie; else both get nothing Player A discounts next period's payoffs by α Player B discounts next period's payoffs by β Use backward induction to solve

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1. Monopoly

Monopoly is a market structure where a single firm dominates the entire market for a particular good or service. This lack of competition can lead to higher prices, reduced output, and less innovation compared to a competitive market. While monopolies can provide economies of scale and other benefits, they also have the potential to abuse their market power and harm consumer welfare. Policymakers must carefully balance the tradeoffs between the efficiency gains of monopolies and the need to protect consumers from exploitation. Effective regulation and antitrust enforcement are crucial to ensuring that monopolies do not become detrimental to the overall economy.
2. Profit Maximization

Profit maximization is a fundamental goal of most businesses, as it allows them to generate the highest possible returns for their shareholders or owners. However, this pursuit of profit can sometimes come at the expense of other important considerations, such as social responsibility, environmental sustainability, or worker welfare. While profit maximization is a valid and necessary objective, it should be balanced with other ethical and societal concerns. Businesses should strive to find a middle ground where they can achieve reasonable profits while also considering the broader impact of their operations on the community and the environment. Ultimately, a more holistic approach to business decision-making, one that considers multiple stakeholders and long-term consequences, is likely to lead to more sustainable and equitable outcomes.
3. Marginal Revenue (MR)

Marginal revenue (MR) is a crucial concept in economics, as it represents the additional revenue a firm earns from selling one more unit of a good or service. Understanding and optimizing marginal revenue is essential for firms seeking to maximize their profits. However, the pursuit of marginal revenue maximization can sometimes lead to unintended consequences, such as price discrimination, reduced output, or the exploitation of consumers. Policymakers and regulators must carefully monitor the behavior of firms to ensure that their pursuit of marginal revenue does not come at the expense of consumer welfare or the broader public interest. Ultimately, a balanced approach that considers the needs of all stakeholders is necessary to ensure that the pursuit of marginal revenue maximization serves the greater good.
4. Profit Tax

Profit taxes are a common policy tool used by governments to generate revenue and influence the behavior of businesses. While profit taxes can be an effective way to raise funds for public services and infrastructure, they can also have unintended consequences, such as discouraging investment, reducing innovation, or incentivizing tax avoidance strategies. Policymakers must carefully design profit tax policies to strike a balance between revenue generation and maintaining a healthy business environment. This may involve considering factors such as the tax rate, the tax base, and the treatment of different types of businesses or industries. Additionally, profit tax policies should be coordinated with other economic policies, such as those related to investment, trade, and labor, to ensure a coherent and effective approach to promoting economic growth and social welfare.
5. Quantity Tax

Quantity taxes, also known as excise taxes, are a type of tax levied on the production or consumption of specific goods or services. These taxes can be an effective tool for addressing market failures, such as negative externalities, or for generating revenue for the government. However, the implementation of quantity taxes can also have unintended consequences, such as distorting consumer behavior, creating market inefficiencies, or disproportionately burdening certain segments of the population. Policymakers must carefully consider the potential impacts of quantity taxes, both on the targeted market and on the broader economy, and design these policies in a way that balances the desired outcomes with the potential costs and trade-offs. Effective quantity tax policies should be based on a thorough understanding of the market dynamics, the underlying policy objectives, and the potential distributional effects on different stakeholders.
6. Pareto Efficiency

Pareto efficiency is a fundamental concept in economics that describes a state of resource allocation where it is impossible to make one person better off without making someone else worse off. While Pareto efficiency is a useful theoretical benchmark, it is often difficult to achieve in practice due to the complexities of real-world economies and the competing interests of different stakeholders. Policymakers must consider a range of factors, including equity, fairness, and the overall well-being of society, when making decisions that affect resource allocation and distribution. A strict focus on Pareto efficiency may overlook important considerations of social justice, environmental sustainability, and the needs of marginalized or disadvantaged groups. A more holistic approach that balances Pareto efficiency with other ethical and social considerations is likely to lead to more equitable and sustainable outcomes.
7. Natural Monopoly

Natural monopolies are a type of market structure where a single firm can most efficiently serve the entire market due to economies of scale or other factors. While natural monopolies can provide certain benefits, such as lower prices and higher quality of service, they also pose significant risks in terms of consumer exploitation and lack of innovation. Effective regulation and oversight are crucial to ensuring that natural monopolies operate in the public interest and do not abuse their market power. Policymakers must carefully balance the need to preserve the efficiency gains of natural monopolies with the imperative to protect consumer welfare and promote competition. This may involve a combination of price regulation, service quality standards, and the promotion of alternative technologies or business models that can challenge the dominance of natural monopolies.
8. Monopolistic Competition

Monopolistic competition is a market structure characterized by a large number of firms selling differentiated products, each with a degree of market power. While this structure can promote innovation and consumer choice, it can also lead to inefficiencies, such as excess capacity and higher prices. Policymakers must carefully navigate the trade-offs between the benefits of competition and the potential drawbacks of monopolistic competition. This may involve policies that encourage product differentiation, promote transparency and information sharing, and ensure that firms do not engage in anticompetitive practices. Additionally, a balanced approach that considers the broader social and environmental impacts of monopolistic competition is necessary to ensure that this market structure serves the greater good.
9. Oligopoly and Duopoly

Oligopoly and duopoly are market structures characterized by a small number of firms that dominate the market. While these structures can provide certain benefits, such as economies of scale and the potential for innovation, they also pose significant risks in terms of collusion, price manipulation, and the exploitation of consumers. Policymakers must carefully monitor the behavior of firms in oligopolistic and duopolistic markets to ensure that they do not engage in anticompetitive practices. This may involve policies that promote transparency, encourage new market entrants, and empower consumers to make informed choices. Additionally, a balanced approach that considers the broader social and economic impacts of oligopoly and duopoly is necessary to ensure that these market structures serve the greater good.
10. Behavioral Economics

Behavioral economics is a field that combines insights from psychology and economics to understand how human behavior and decision-making can deviate from the assumptions of traditional economic theory. This approach has important implications for policymaking, as it suggests that individuals may not always act in a purely rational or self-interested manner. Policymakers must consider these behavioral factors when designing policies and interventions, as they can have significant impacts on the effectiveness and equity of these measures. By incorporating insights from behavioral economics, policymakers can develop more nuanced and effective policies that better reflect the realities of human behavior and decision-making. This can lead to improved outcomes in areas such as consumer protection, public health, and environmental sustainability.
11. Bargaining Game

Bargaining games are a type of strategic interaction where two or more parties negotiate to reach an agreement. These games can provide valuable insights into the dynamics of negotiation and the factors that influence the outcomes. Policymakers can use the insights from bargaining game theory to inform the design of policies and institutions that promote more equitable and efficient bargaining processes. This may involve measures to address power imbalances, information asymmetries, and other structural factors that can distort the bargaining process. Additionally, policymakers can explore ways to incentivize cooperative behavior and foster trust between bargaining parties, which can lead to more mutually beneficial outcomes. By incorporating the lessons of bargaining game theory, policymakers can develop policies that better reflect the realities of human behavior and decision-making in negotiation contexts.

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