[PEN-L:2470] Contestable markets (was Economies of Scale)

["Peter.Dorman" <23215MGR@xxxxxxx>]

For what it's worth, I wrote a paper many years ago demonstrating that the
contestable market hypothesis is simply a multiproduct version of limit
pricing. Baumol, Panzer, and Willig do some fancy footwork in their book to
disguise this, but with a little attention to the formalization it becomes
perfectly obvious.

Peter Dorman