Incomplete Market Power Sample Clauses

Incomplete Market Power. ‌ So far, we have considered the case of pure uncontested monopoly. Many health care markets are better approximated by monopolistic competition. For example, two drug companies might hold patents on different drugs that treat the same disease. Doctors may build unique relationships with their patients, who develop a preference for one physician over another. Patients may prefer to go to a hospital that is closest to their home. All these factors can create product differentiation in the minds of consumers. Market power results, but it is incomplete. In this section, we add monopolistic competition to the moral hazard information structure. Monopolistic competition changes the distribution of resources relative to complete monopoly, but leaves intact the result that monopolistic competitors choose quantity so as to maximize extractible surplus. A monopolistic competitor must be mindful that her customers can defect to the other firm. This limits the amount of surplus available for extraction. However, conditional on consumer purchases from her, she will continue to set quantity so as to maximize their surplus. To distill the key ideas, suppose we have two monopolistic competitors—A and B—and two kinds of consumers, with one strictly preferring A, but the other strictly preferring B. Both products have the same marginal cost of production. The firms are integrated in the sense that they both produce their goods and provide insurance contracts over them. Further, as with most spatial models of product differentiation, assume that consumers must choose to use one or the other of the products, but not both—these might be different drugs, physicians, or hospitals, which cannot be easily used with those of rivals. Define u A (c, q, h) as utility for consumers who prefer A and define u B (c, q, h) similarly. If a consumer uses the “wrong” good, she derives utility ui (c,δq, h) , where δ < 1 . Since each consumer can only consume one of the goods, we can assume without loss of generality that insurers provide two insurance contracts—one that provides good provides good B .
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