By Armstrong M., Porter R.H.
''The instruction manual displays the recent business economics instead of the outdated structure-conduct-performance view. As such it positive factors sturdy thought and should be a useful resource e-book for someone who desires to discover the 'state of the artwork' in commercial organisation.''...''In the distance of 1555 pages the scholar of commercial agency will locate almost about every little thing that issues. ...''''...the matters to which a number of the authors draw our recognition stay the prime ones in commercial Organisation.''
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A’ stands for ‘asymmetric’. ) Similarly, there are only four prices that are relevant: pLL is the price for both products when the firm has low cost for both products; pHH is the price for both products when the firm has a high cost for both products; pLA is the price for the low-cost product when the firm has asymmetric costs, A is the price for the high-cost product when the firm has asymmetric costs. while pH Much as in expression (16) for the single-product case, expected welfare in this setting is A W = 2φ(1 − φL ) wL pLA + wH pH − (1 − α)RA + φφL 2wL (pLL ) − (1 − α)RLL + (1 − φ)(1 − φH ) 2wH (pHH ) − (1 − α)RHH .
2. Asymmetric demand information The analysis to this point has assumed that the demand function facing the firm is common knowledge. In practice, regulated firms often have privileged information about consumer demand. 25 The firm’s cost function, C(·), is common knowledge, but consumer demand can take one of two forms: the demand function is QL (·) with probability φ and QH (·) 23 The regulator may implement other distortions when he has additional policy instruments at his disposal. For example, the regulator may require the firm to employ more than the cost-minimizing level of capital when additional capital reduces the sensitivity of realized costs to the firm’s unobserved innate cost.
The cost realizations are positively correlated across products if φL > φH , negatively correlated if φL < φH , and statistically independent if φL = φH . To keep the analysis simple, suppose the unconditional probability of a low-cost realization for product 2 is also φ. In this case, states LH and HL are equally likely, so φ(1 − φL ) = (1 − φ)φH . (39) The regulator offers the firm a menu of options, so that if the firm announces its type 1 for product 1, p 2 for product 2, and in return receive to be ij , it must set the price pij ij the transfer Tij .