On the Proper Cost Tests for Natural Monopoly in a Multiproduct Industry.¶
Baumol, W. J. (1977). On the Proper Cost Tests for Natural Monopoly in a Multiproduct Industry. American Economic Review, 809-822.
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Primes¶
- Subadditivity
- Baumol made strict global cost subadditivity the cost criterion for natural monopoly and stressed that declining average cost and economies of scale are not equivalent to it in the multiproduct case.
This sourceDefines strict global cost subadditivity as the cost criterion for natural monopoly and distinguishes it from scale-economy tests.
- Baumol made strict global cost subadditivity the cost criterion for natural monopoly and stressed that declining average cost and economies of scale are not equivalent to it in the multiproduct case.
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