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Regulation Of Vertically Differentiated Markets: Quality Taxation/Subsidizati On Vs. Minimum Quality Standard.pdf

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Preview of Regulation of Vertically Differentiated Markets: Quality Taxation/Subsidizati on vs. Minimum Quality Standard
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📊 Size: 204 KB
📄 Pages: 20 pages
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Summary

It explores the impact of these instruments on welfare levels and market allocation in both duopoly and monopoly settings.

Key Findings:

1. Duopoly Regime: Quality taxation/subsidization schemes can induce firms to produce socially optimal qualities, making it an effective regulatory tool in this market structure.

2. Monopoly Regime:
- Both quality taxation/subsidization and MQS achieve the second-best level of social welfare, a result equivalent to setting qualities under monopoly pricing rules.
- However, they differ in surplus distribution: taxation/subsidization affects both high- and low-quality consumers, while MQS primarily influences the latter.

3. Discrete Quality Range vs. Continuous Consumer Distribution: In contrast to previous studies (Besanko et al., 1987, 1988), an MQS policy can significantly impact the entire quality range when the market has a discrete quality spectrum and a continuous consumer distribution.

4. Comparison with Oligopolistic Settings: Unlike oligopolies, in monopolies, these two regulatory policies are equivalent in terms of achieving second-best social welfare but differ in surplus allocation.

The study highlights the importance of market structure in policy design, demonstrating that quality-based regulations can be powerful tools for public authorities to enhance welfare and optimize market outcomes.

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Description

This paper examines vertically differentiated markets, exploring how a public authority can improve welfare through quality-based taxation or subsidies, whether implemented on a monopsony or duopoly structure.

Technical Information

  • File Format: PDF
  • File Size: 204 KB
  • Pages: 20
  • Language: EN
  • Total Downloads: 15
  • Last Updated: 8 months ago

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