Munich Personal RePEc Archive

Baumol, Panzar, and Willig’s Theory of Contestable Markets and Industry Structure: A Summary of Reactions

Amavilah, Voxi Heinrich (2012): Baumol, Panzar, and Willig’s Theory of Contestable Markets and Industry Structure: A Summary of Reactions.

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Abstract

This paper summarizes reactions to the theory of contestable markets and industry structure. The reactions came immediately after the theory was published. The summary finds that the proposed theory stands on sound grounds. However, empirically the theory leaves much to be desired especially for practical policy in developing countries.

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