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Monopoly Innovation and Welfare Effects


Shuntian Yao


Nanyang Technological University (NTU) - Centre for Research in Financial Services (CREFS)

Lydia L. Gan


University of North Carolina at Pembroke; Medical Tourism Research Center
2010

Economics: The Open-Access, Open-Assessment E-Journal, Vol. 4, 2010-27

Abstract:     
In this paper we study the welfare effect of a monopoly innovation. Unlike many partial equilibrium models carried out in previous studies, general equilibrium models are constructed and analyzed in greater detail. We discover that technical innovation carried out by a monopolist could significantly increase the social welfare. We conclude that, in general, the criticism against monopoly innovation based on its increased deadweight loss is less accurate than previously postulated by many studies.

Number of Pages in PDF File: 23

Keywords: Monopoly, technical innovation, welfare effects, general equilibrium

JEL Classification: D50, D60

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Date posted: February 2, 2011  

Suggested Citation

Yao, Shuntian and Gan , Lydia L., Monopoly Innovation and Welfare Effects (2010). Economics: The Open-Access, Open-Assessment E-Journal, Vol. 4, 2010-27. Available at SSRN: http://ssrn.com/abstract=1753515 or http://dx.doi.org/10.5018/economics-ejournal.ja.2010-27

Contact Information

Shuntian Yao (Contact Author)
Nanyang Technological University (NTU) - Centre for Research in Financial Services (CREFS) ( email )
Nanyang Avenue
Division of Applied Economics
Singapore 639798
Singapore
Lydia L. Gan
University of North Carolina at Pembroke ( email )
P.O. Box 1510
Pembroke, NC 28372-1510
United States
9107754265 (Phone)
9105216750 (Fax)
HOME PAGE: http://www.uncp.edu/business/
Medical Tourism Research Center ( email )
P O Box 1510
One University Drive
Pembroke, NC 28372
United States
910-521-6592 (Phone)
910-521-6750 (Fax)
HOME PAGE: http://www.uncp.edu/mtrc/
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