Key features of an oligopoly market. Characteristics and main features of an oligopoly Oligopoly and its characteristic features

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An oligopoly is a market structure in which a small number of sellers dominate and the entry of new producers into the industry is limited by high barriers.

The first characteristic of an oligopoly is that there are few firms in the industry. This is evidenced by the etymology of the very concept of "oligopoly" (Greek "oligos" - several, "poleo" - I sell, trade). Usually their number does not exceed ten Fischer, S. Economics / S. Fischer, R. Dornbusch, R. Schmalenzi. M., 2010. P.213.

The second characteristic feature of an oligopoly is the high barriers to entry into the industry. They are connected, first of all, with economies of scale of production (scale effect), which acts as the most important reason for the widespread and long-term preservation of oligopolistic structures.

Economies of scale are an important but not the only reason, as the level of concentration in many industries exceeds the optimally efficient level. Oligopolistic concentration is also generated by some other barriers to entry into the industry.

The third characteristic feature of an oligopoly is universal interdependence. An oligopoly occurs when the number of firms in an industry is so small that each of them has to take into account the reaction of competitors in formulating its economic policy.

Oligopoly is one of the most common market structures in modern economy. In most countries, almost all branches of heavy industry (metallurgy, chemistry, automotive, electronics, ship and aircraft building, etc.) have just such a structure.

Figure 1 - Features of an oligopoly Microeconomics. Theory and Russian practice: textbook / kol. Auth.; ed. A.G. Gryaznova, A.Yu. Yudanov. M., 2006. P.354

The most noticeable feature of an oligopoly is the small number of firms operating in the market. However, one should not think that companies can literally be counted on the fingers.

In an oligopolistic industry, as in monopolistic competition, there are often many small firms along with large ones. However, a few leading companies account for the majority of the industry's total turnover, and it is their activities that determine the course of events.

Formally, oligopolistic industries usually include those industries where several of the largest firms (in different countries from 3 to 8 firms are taken as a reference point) produce more than half of all output. If the concentration of production is lower, then the industry is considered operating in conditions of monopolistic competition.

In Russia, the primary industries, black and non-ferrous metallurgy, i.e. almost all sectors that managed to survive the current crisis and on which the domestic economy still relies.

The concentration of production in the hands of the 8 leading firms here ranges from 51 to 62%. Undoubtedly, the main sub-sectors of chemistry and engineering (production of fertilizers, automotive industry, aerospace industry and etc.).

In sharp contrast to them are the light and food industries. In these industries, the largest 8 firms account for no more than 10%. The state of the market in this area can be confidently characterized as monopolistic competition, especially since product differentiation in both industries is exceptionally large (for example, the variety of varieties of sweets that not even all of food industry, but only one of its sub-sectors - confectionery industry) Economics of the industry: tutorial/ A.S. Pelikh et al. Rostov n/D, 2011. P.115.

Of course, the establishment of a quantitative boundary between oligopoly and monopolistic competition is largely arbitrary. After all, the two named types of market also have qualitative differences.

In monopolistic competition, the decisive cause of an imperfect market is product differentiation. In an oligopoly, this factor is also important. There are oligopolistic industries in which product differentiation is significant (for example, the automotive industry). But there are also industries where the product is standardized (cement, oil, and most metallurgy sub-sectors).

The main reason for the formation of an oligopoly is economies of scale. An industry acquires an oligopolistic structure if the large size of the firm provides significant cost savings and, therefore, if large firms in it have significant advantages over small ones.

However, there can never be many large firms in an industry. Already the multibillion-dollar value of their plants serves as a reliable barrier to the emergence of new companies in the industry.

In the usual course of events, a firm becomes larger gradually, and by the time an oligopoly is formed in the industry, a narrow circle of largest firms has actually been determined. In order to invade it, the "stranger" must immediately lay out such an amount that the oligopolists have gradually invested in the business over decades. Therefore, history knows only a very small number of cases when a giant company was created “from scratch” through one-time huge investments (we will refer to AvtoVAZ in the USSR and Volkswagen in Germany; it is characteristic that in both cases the state acts as an investor, i.e. non-economic factors played an important role in the formation of these firms).

But even if funds were found for the construction of a large number of giants, they would not be able to work profitably in the future. After all, the market capacity is limited. Consumer demand is enough to absorb the products of thousands of small bakeries or auto repair shops. However, no one needs metal in quantities that could smelt thousands of giant domains.

Oligopoly and its main models.

1. The essence of the oligopoly and its characteristic features

2.Key indicators for measuring market concentration (IndexHerfindahl - Hirschman)

3. Cournot model (duopoly)

4. Oligopoly based on collusion

5. Oligopoly not based on collusion

6. Cost models

1) The essence of oligopoly and its characteristic features

Oligopoly- a type of market structure in which several firms and each of them is able to independently influence the price.

It includes:

Aluminum production;

Copper production;

Steel production;

Automotive industry;

Refrigerators, vacuum cleaners, etc.

Main features:

1) a small number of firms dominating the market

2) products can be homogeneous or differentiated

3) restrictions on access to the market for new firms (natural barriers include: economies of scale, which can make the coexistence of many firms in the market unprofitable, because this requires large financial resources. We are talking about a natural oligopoly. In addition, patenting and licensing firms may also take strategic actions that make it difficult for new firms to enter a given market)

4) each firm is able to influence the market price, but this depends on the nature of the interaction of firms. Collusion has a significant impact on pricing

5) the general interdependence of firms (an oligopolist must anticipate the reaction of competitors to a change in their pricing strategy, given that competitors can predict the situation. All this is called oligopolistic relationship.

2) Key indicators for measuring market concentration (Index Herfindahl - Hirschman)

In practice, when studying this or that market structure, they use such a characteristic as its concentration. This is the degree of dominance in the market by one or more firms. There is an indicator that reflects this concentration. This is the concentration ratio - the percentage of all sales for a certain number of firms. The most common is the "four-firm share": their sales are divided by the sales of the entire industry. There may be a “share of six firms”, “a share of eight firms”, etc. But this indicator has a limitation: it does not take into account the difference between monopolies and oligopolies, because the coefficient will be the same where one firm dominates the market and where 4 firms share the market. The disadvantage is overcome with the help of the Herfindahl-Hirschman index. It is calculated by squaring the market share of each firm and summing the results.

H \u003d d 1 2 + d 2 2 + ... + d n 2, where

n is the number of competing firms;

d 1 , d 2 … dn - percentage of firms

With increasing concentration, the index increases. Its maximum value is inherent in a monopoly, where it is equal to 10,000. Let's consider what the choice of the optimal production volume and price is like under an oligopoly. So this is the choice that maximizes profit. Since the choice depends on the behavior of firms, there is no single model of firm behavior in an oligopoly. There are various models:

1) Cournot model

2) model based on conspiracy

3) model. not based on collusion (prisoner's dilemma)

4) tacit collusion (leadership in general)

3) Cournot model (duopoly)

The model was introduced in 1938 by the French economist Augustine Cournot.

Duopoly- a special case of oligopoly, when only two firms compete with each other in the market.

Firms produce homogeneous goods and the market demand curve is known.

The output of one firm a 1 changes depending on how, in the opinion of its management, a 2 will grow. As a result, each firm builds its own response curve. It tells how much the firm will produce at the expected output of its competitor. In equilibrium, each firm sets its output according to its response curve, so the output equilibrium is at the intersection of the two response curves. This equilibrium is the Cournot equilibrium. Here, each duopolist sets the output that maximizes his profit for a given competitor's output. This equilibrium is an example of what in game theory is called the Nash equilibrium, where each poker player does the best that can be done given the opponent's actions. As a result, no player has an incentive to change his behavior. This game theory was described by Neumann and Mongerstern in their work "Game Theory and Economic Behavior" (1944).

4) Oligopoly based on collusion.

Collusion- a de facto agreement between firms in an industry to fix prices and production volumes.

In many industries collusion is considered illegal. Conspiracy factors include:

a) the existence of a legal framework

b) high concentration of sellers

c) about the same average costs for firms in the industry

d) the inability of new firms to enter the market

It is assumed that in conspiracy, each firm will equalize its prices when prices go down and when prices go up. In this case, firms produce homogeneous products and have the same average cost. Then, when choosing the optimal volume of production that maximizes profit, the oligopolist behaves like a pure monopolist.

If two firms collude, they construct a contract curve that shows the various combinations of output of the two firms that maximize profits. Collusion is much more profitable for firms, in comparison with perfect equilibrium and in comparison with Cournot equilibrium, since they will produce less output while charging a better price.

(question 5) Oligopoly not based on collusion

If there is no collusion (inherent in the United States), then oligopolists, when setting prices, face prisoner's dilemma. This is a classic example of game theory in economics.

The two prisoners were charged with a joint crime. They sit in different cells and cannot communicate with each other. If both confess, then the prison term for each will be 5 years. If not, then the case is not completed and everyone will receive 2 years. If the first confesses and the other does not, then the first will receive 1 year in prison, and the second 10 years.

There is a matrix of possible outcomes:

Prisoners face a dilemma: to confess or not to commit a crime. If they could agree not to confess, they would receive 2 years in prison. But, if such an opportunity existed, they could not trust each other. If the first prisoner does not confess, then he runs the risk that another will be able to take advantage of this. Therefore, whatever the first does, it is more profitable for the second to confess. Then both are more likely to confess and go to prison for 5 years.

Oligopolists also often face a prisoner's dilemma. Let there be two firms. They are the only sellers on the market for this product. They face a dilemma: high or low price install?

1) If both firms set a high price, they will receive 20,000,000 rubles each.

2) If they set a relatively low price, they will receive 15,000,000 rubles each.

3) If the first firm raises the price, and the second lowers it, then the first will receive 10,000,000 rubles, and the second 30,000,000 rubles at the expense of the first.

Conclusion: it is obvious that it is beneficial for each firm to set a relatively low price, regardless of how the competitor does and get 15,000,000 rubles each. The Prisoner's Dilemma explains price rigidity under oligopoly.

(question 6) Cost models

A broken "demand curve" describes the behavior of a firm that does not collude with competitors. The model is based on the fact that there are possible options for the behavior of market participants. When one of the competitors changes the price, others will be able to choose one of the possible solutions:

1) Align prices and adjust to the new price

2) Do not respond to price changes by one of the competitors

3) Let one firm raise prices, then the rest will raise prices after this firm. The firms in the industry will lose some sales, so if one firm increases the price, the others do not respond.

4) Let one firm on the market lower prices, then if competitors do not lower prices, then the firm takes away some of the buyers from them. So if one firm cuts prices, other firms do the same.

Conclusion: to reduce prices following a competitor's price decrease and not respond to the latter's price increase is the essence of a broken "demand curve" in the oligopoly market.

There is a broken demand curve in an oligopoly market.

P-price of a unit of production;

Q-number of products;

D-demand;

P about- existing market price

If firm A raises the price above the existing base price (P o), then competitors most likely will not raise the price. As a result, the company will lose some of its customers. Demand for its products above point A is highly elastic. If firm D lowers its price, competitors will also lower their price. Therefore, at a price below Pо, demand is less elastic. Firm A's price cuts can also trigger a price war, where firms take turns cutting prices until some of them lose money and shut down production. Therefore, in a war, the strongest wins. But the policy is risky, so it is not known which of the firms is more “brisk”.

Cost + model The firm determines the level of costs per unit of output, and then adds to the costs the planned level of profit (approximately 10% -15%). The principle is used where products are differentiated (for example, in the automotive industry). The model shows that the firm does not adjust its costs to the market price. Such behavior of the company is possible in the absence of tangible pressure from competitors.

Oligopoly is one of the most common market structures in the modern economy. In most countries, almost all branches of heavy industry (metallurgy, chemistry, automotive, electronics, ship and aircraft building, etc.) have just such a structure.

An oligopoly is a market structure in which there are a small number of selling firms in the market for a product, each of which has a significant market share and considerable price control. However, one should not think that companies can literally be counted on the fingers. In an oligopolistic industry, as in monopolistic competition, there are often many small firms along with large ones. However, a few leading companies account for such a large part of the industry's total turnover that it is their activities that determine the course of events.

Formally, oligopolistic industries usually include those industries where several largest firms (in different countries, from 3 to 8 firms are taken as a reference point) produce more than half of all output. If the concentration of production is lower, then the industry is considered operating in conditions of monopolistic competition.

It is customary to say that oligopolistic industries are dominated by the Big Two, Big Three, Big Four, etc. More than half of sales come from 2 to 10 firms. For example, in the United States, four companies account for 92% of the production of all cars. Oligopoly is characteristic of many industries in Russia. So, cars produced by five enterprises (VAZ, AZLK, GAZ, UAZ, Izhmash). Dynamic steel is produced by three enterprises, 82% of tires for agricultural machines - four, 92% of soda ash - three, all production of magnetic tape is concentrated at two enterprises, motor graders - at three Khoroshavin N. Side effect. Expert No. 38. 2003..

In sharp contrast to them are light and food industry. In these industries, the largest 8 firms account for no more than 10%. The state of the market in this area can be confidently characterized as monopolistic competition, especially since product differentiation in both industries is exceptionally large (for example, the variety of varieties of sweets that are produced not even by the entire food industry, but only by one of its sub-sectors - the confectionery industry).

But it is not always possible to judge the structure of the market on the basis of indicators relating to the entire national economy. So, often certain firms that own an insignificant share of the national market are oligopolistic in the local market (for example, shops, restaurants, entertainment enterprises). If the consumer lives in big city, it is unlikely that he will go to the other end of the city to buy bread or milk. Two bakeries located in the area of his residence may be oligopolists.

Of course, the establishment of a quantitative boundary between oligopoly and monopolistic competition is largely arbitrary. After all, the two named types of market have other differences from each other.

Products in the oligopolistic market can be either homogeneous, standardized (copper, zinc, steel) or differentiated (cars, household appliances). The degree of differentiation affects the nature of competition. For example, in Germany, car factories usually compete with each other in certain classes of cars (the number of competitors reaches nine). Russian car factories practically do not compete with each other, since most of them are specialized in a narrow field and turn into monopolists.

An important condition affecting the nature of individual markets is the height of the barriers that protect the industry (the amount of initial capital, the control of existing firms over new technology and the latest products with the help of patents and technical secrets, etc.).

The fact is that there can never be many large firms in an industry. Already the multibillion-dollar value of their plants serves as a reliable barrier to the entry of new companies into the industry. In the usual course of events, a firm becomes larger gradually, and by the time an oligopoly is formed in the industry, a narrow circle of largest firms has actually been determined. In order to invade it, one must immediately have such an amount that the oligopolists have gradually invested in the business over decades. Therefore, history knows only a very small number of cases when a giant company was created “from scratch” through one-time huge investments (Volkswagen in Germany can be considered an example, but in this case the state acted as an investor, i.e. non-economic factors).

There are significant limitations in the availability of economic information in this market structure. Each market participant carefully protects trade secret from their competitors.

A large share in output, in turn, provides oligopolistic firms with a significant degree of control over the market. Already each of the firms individually is large enough to influence the position in the industry. So, if the oligopolist decides to reduce output, this will lead to an increase in prices in the market. In the summer of 1998, AvtoVAZ took advantage of this circumstance: it switched to working in one shift, which led to the dispersal of unsold car stocks and allowed the plant to raise prices. And if several oligopolists begin to pursue a common policy, then their joint market power and completely approach the one possessed by a monopoly.

A characteristic feature of the oligopolistic structure is that firms, when forming their pricing policy, must take into account the reaction of competitors, that is, all producers operating in the oligopolistic market are interdependent. With a monopolistic structure, such a situation does not arise (there are no competitors), with perfect and monopolistic competition - also (on the contrary, there are too many competitors, and it is impossible to take into account their actions). Meanwhile, the reaction of competing firms can be different, and it is difficult to predict it. Assume that a firm in the market domestic refrigerators decided to reduce the prices of their products by 15%. Competitors may react to this in different ways. First, they can cut prices by less than 15%. In this case, this company will increase the sales market. Secondly, competitors can also reduce prices by 15%. The volume of sales will increase for all firms, but due to lower prices, profits may decrease. Thirdly, a competitor may declare a "price war", that is, reduce prices even more. The question then becomes whether to accept his challenge. Usually in a "price war" among themselves large companies do not enter, since its outcome is difficult to predict Khoroshavina N. Side effect. Expert No. 38. 2003..

Oligopolistic interdependence - the need to take into account the reaction of competing firms to the actions of a large firm in an oligopolistic market.

Any model of an oligopoly must proceed from taking into account the actions of competitors. This is an additional significant limitation, which must be taken into account when choosing a behavior pattern for an oligopolistic firm. Therefore, there is no standard model for determining the optimal volume of production and the price of products for an oligopoly. It can be said that determining the pricing policy of an oligopolist is not only a science, but also an art. Here, the subjective qualities of a manager play an important role, such as intuition, the ability to make non-standard decisions, take risks, courage, determination, etc.

Oligopoly A market in which a relatively small number of sellers serve many buyers. Oligopoly refers to a type of imperfectly competitive market structure dominated by a very small number of firms.

Examples of oligopolies include manufacturers of passenger aircraft, such as Boeing or Airbus, car manufacturers, such as Mercedes, BMW.

Conditions for the emergence of an oligopoly

Oligopolies often arise naturally as companies grow and begin to capture more and more market share, gradually ousting or absorbing competitors. Over time, the number of companies offering certain products and services begins to dwindle to a few large corporations. Customers, in turn, tend to trust more eminent and reputable brands when choosing products.

In the formed oligopoly, the dominant companies feel quite free and can afford to completely control pricing. For example, many manufacturing companies mobile phones significantly inflate the price of their products just because they are popular and can afford it.

The main features of an oligopoly

When there are a small number of firms in the market, they are called oligopolies. In some cases, the largest firms in an industry can be called oligopolies. The products supplied by the oligopoly to the market are identical to the products of competitors (for example, mobile connection), or has differentiation (for example, washing powders).

At the same time, oligopolistic markets very rarely show price competition. As a rule, it is very difficult for new firms to enter the oligopolistic market. Barriers are either legal restrictions or the need for large initial capital. Therefore, big business is an example of an oligopoly.

Thus, oligopolistic markets have the following characteristics:

a small number of firms and a large number of buyers. This means that the volume market supply is in the hands of a few large firms that sell the product to many small buyers;

differentiated or standardized products;

decisions of oligopolists regarding production volumes and prices are interdependent, i.e. oligopolies imitate each other in everything. So if one oligopolist lowers prices, then others will definitely follow his example. But if one oligopolist raises prices, others may not follow suit, as they risk losing their market share;

the presence of significant barriers to entry into the market, i.e. high barriers to market entry;

firms in the industry are aware of their interdependence, so price controls are limited.

Price policy

One of the main factors influencing the dominant companies on the market as a whole is the relationship with competitors in terms of pricing policy. The pricing policy of an oligopolistic company plays a huge role in her life.

As a rule, it is not profitable for a firm to increase the prices of its goods and services, since it is likely that other firms will not follow the first one, and consumers will "pass" to a rival company.

If the company lowers the prices of its products, then in order not to lose customers, competitors usually follow the company that lowered prices, also reducing the prices of the goods they offer: there is a “race for the leader”. That is, when a company cuts prices or introduces new services or products, competitors should follow suit. Otherwise, if they do not provide buyers with an alternative, they may lose those buyers altogether.

Thus, so-called price wars often occur between oligopolists, in which firms set a price for their products that is no higher than that of a leading competitor.

Types and structure of an oligopoly

Oligopolies can be classified as follows:

pure oligopoly is a situation in which firms produce homogeneous products (cement, steel, oil, gas.);

differentiated oligopoly is a situation where companies produce similar products (cars, planes, phones, computers, cigarettes, drinks, and so on);

A collective oligopoly is when firms cooperate with each other to determine the price or quantity of a product. Such a structure bears signs of collusion and monopolization of the market.

Oligopoly Behavior Strategies

The behavioral strategies of oligopolies are divided into two groups. The first group provides for the coordination of actions by firms with competitors (cooperative strategy), the second - the lack of coordination (non-cooperative strategy).

Oligopoly Models

In practice, the following models of oligopoly are distinguished:

price (volume) leadership model;

cartel model;

Bertrand model (price war model);

Cournot model.

Price (Volume) Leadership Model

As a rule, among the set of firms, one stands out, which becomes the leader in the market. This is due, for example, to the duration of existence (authority), the presence of more professional staff, the presence of scientific departments and the latest technologies, a higher share of them in the market. The leader is the first to make changes in price or output. At the same time, the rest of the firms repeat the actions of the leader. As a result, there is a coherence of common actions. The leader should be the most informed about the dynamics of demand for products in the industry, as well as about the capabilities of competitors.

cartel model

The best strategy for an oligopoly is to collude with competitors over production prices and output volumes. Collusion makes it possible to increase the power of each of the firms and use the opportunities for obtaining economic profits in the amount that would be received if the market were monopoly. Such collusion in economics is called a cartel.

Bertrand model (price war model)

It is assumed that each firm wants to become even larger and ideally capture the entire market. To force competitors to leave, one of the firms begins to reduce the price. Other firms, in order not to lose their shares, are forced to do the same. The price war continues until only one firm remains in the market. The rest are closed.

Cournot model

The behavior of firms is based on comparing independent forecasts of market changes. Each firm calculates the actions of competitors and chooses a volume of production and a price that stabilizes its position in the market. If the initial calculations are wrong, the firm corrects the selected parameters. After a certain period of time, the shares of each firm in the market stabilize and do not change in the future.

Pros and cons of an oligopoly

If we talk about the positive and negative aspects of the oligopoly as a structure, then it should be noted that there are both significant pluses and minuses.

The pluses include the fact that large companies compete quite strongly with each other, which stimulates the growth of product quality and scientific and technological progress in general.

However, such competition, combined with the huge opportunities of large firms, can significantly limit the emergence of new players in a particular product or service market.

Antitrust Law

Antitrust law is legislation against the accumulation of socially dangerous monopoly power by firms. The purpose of antitrust regulation is to force monopolists to charge a price for a product that provides them with only normal profit, but not .

Measures of antimonopoly regulation are: regulation of prices of monopoly firms, reduction of the terms of validity of licenses of monopoly firms, splitting of monopoly firms, nationalization of monopolists.

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