Ch25Monopoly Behavio(微观-范里安-(上海交通大学,赵旭 )r

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1、ChapterTwenty-FiveMonopolyBehaviorHowShouldaMonopolyPrice?Sofaramonopolyhasbeenthoughtofasafirmwhichhastosellitsproductatthesamepricetoeverycustomer.Thisisuniformpricing.Canprice-discriminationearnamonopolyhigherprofits?TypesofPriceDiscrimination1st-degr

2、ee:Eachoutputunitissoldatadifferentprice.Pricesmaydifferacrossbuyers.2nd-degree:Thepricepaidbyabuyercanvarywiththequantitydemandedbythebuyer.Butallcustomersfacethesamepriceschedule.E.g.bulk-buyingdiscounts.TypesofPriceDiscrimination3rd-degree:Pricepaidby

3、buyersinagivengroupisthesameforallunitspurchased.Butpricemaydifferacrossbuyergroups.E.g.,seniorcitizenandstudentdiscountsvs.nodiscountsformiddle-agedpersons.First-degreePriceDiscriminationEachoutputunitissoldatadifferentprice.Pricemaydifferacrossbuyers.I

4、trequiresthatthemonopolistcandiscoverthebuyerwiththehighestvaluationofitsproduct,thebuyerwiththenexthighestvaluation,andsoon.First-degreePriceDiscriminationp(y)y$/outputunitMC(y)Sellthethunitfor$First-degreePriceDiscriminationp(y)y$/outputunitMC(y)Sellth

5、ethunitfor$Lateronsellthethunitfor$First-degreePriceDiscriminationp(y)y$/outputunitMC(y)Sellthethunitfor$Lateronsellthethunitfor$Finallysellthethunitformarginalcost,$First-degreePriceDiscriminationp(y)y$/outputunitMC(y)Thegainstothemonopolistonthesetrade

6、sare:andzero.Theconsumers’gainsarezero.First-degreePriceDiscriminationp(y)y$/outputunitMC(y)Sothesumofthegainstothemonopolistonalltradesisthemaximumpossibletotalgains-to-trade.PSFirst-degreePriceDiscriminationp(y)y$/outputunitMC(y)Themonopolistgetsthemax

7、imumpossiblegainsfromtrade.PSFirst-degreepricediscriminationisPareto-efficient.First-degreePriceDiscriminationFirst-degreepricediscriminationgivesamonopolistallofthepossiblegains-to-trade,leavesthebuyerswithzerosurplus,andsuppliestheefficientamountofoutp

8、ut.Third-degreePriceDiscriminationPricepaidbybuyersinagivengroupisthesameforallunitspurchased.Butpricemaydifferacrossbuyergroups.Third-degreePriceDiscriminationAmonopolistmanipulatesmarketpricebyalteringthequantityofproduc