Chillin'Competition

Relaxing whilst doing Competition Law is not an Oxymoron

Perfect competition

with 4 comments

At university, I teach a course entitled “basic economics of competition law“.

Last week, I told my LL.M. students that there are only few real life examples of the perfect competition model.

I also told them that  the “perfect competition” entry in Wikipedia only mentioned street food in Asia.

If I had to think personnally of additional illustrations, the only examples that sprung to my mind were:

  • Le Carré in Liège => the city centre area where students get d***k on the WE
  • The Kebab street close to the Grand Place in Brussels => the city centre area where people rush at night after they got d***k

Since then, one of my LL.M. students has apparently updated the Wikipedia entry :).

About these ads

Written by Nicolas Petit

24 October 2011 at 9:30 am

Posted in Uncategorized

4 Responses

Subscribe to comments with RSS.

  1. Not sure of these examples, the areas you mentioned could easily be examples of “turist traps” where a fragmented supply converge geographically and set monopoly prices in the hope to fleece at least one clueless customers who have high search costs (i.e., being drunk); but when you look only at structural features it’s difficult to distinguish from perfect competition – i.e., many small suppliers and many small customers.. The Diamond paradox would be a better explanation in this case, but I guess this is advanced economics for LLM students maybe….

    Paolo SIciliani

    24 October 2011 at 1:02 pm

  2. Thanks Paolo. A precision: the kebabs there are priced at a level far below monopoly.

    Nicolas Petit

    24 October 2011 at 10:47 pm

  3. In Belgium, more than a government, they have SMART IDEAS!

    Congrats ;-)

    Christophe Roquilly

    Christophe Roquilly

    25 October 2011 at 7:03 pm

  4. Better still when Wikipedia gets an external reference!

    Alix Marcorell

    25 October 2011 at 10:01 pm


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 946 other followers

%d bloggers like this: