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- Lerner_index abstract "The Lerner index, formalized in 1934 by Abba Lerner, describes a firm's market power. It is defined by: where P is the market price set by the firm and MC is the firm's marginal cost. The index ranges from a high of 1 to a low of 0, with higher numbers implying greater market power. For a perfectly competitive firm (where P=MC), L=0; such a firm has no market power.The main problem with this measure, however, is that it is almost impossible to gather the necessary information on prices and particularly costs. The Lerner Index is equivalent to the negative inverse of the formula for price elasticity of demand facing the firm, when the price, P, chosen is that which maximizes profits available because of the existence of market power. Note that is here an expression of the firm's demand curve, not the market demand curve. The Lerner index describes the relationship between elasticity and price margins for a profit-maximizing firm; it can never be greater than one. If the Lerner index can't be greater than one, then elasticity can never be greater than −1 (the absolute value of elasticity of demand can never be less than zero). The interpretation of this mathematical relationship is that a firm which is maximizing profits will never operate along the inelastic portion of its demand curve.".
- Lerner_index wikiPageID "1663747".
- Lerner_index wikiPageRevisionID "606630823".
- Lerner_index hasPhotoCollection Lerner_index.
- Lerner_index subject Category:Microeconomics.
- Lerner_index subject Category:Pricing.
- Lerner_index comment "The Lerner index, formalized in 1934 by Abba Lerner, describes a firm's market power. It is defined by: where P is the market price set by the firm and MC is the firm's marginal cost. The index ranges from a high of 1 to a low of 0, with higher numbers implying greater market power.".
- Lerner_index label "Indeks Lernera".
- Lerner_index label "Indice de Lerner".
- Lerner_index label "Indice di Lerner".
- Lerner_index label "Lerner index".
- Lerner_index label "Lerner-Index".
- Lerner_index label "Lernerindex".
- Lerner_index label "Índice de Lerner".
- Lerner_index label "Коэффициент Лернера".
- Lerner_index sameAs Lernerův_index.
- Lerner_index sameAs Lerner-Index.
- Lerner_index sameAs Índice_de_Lerner.
- Lerner_index sameAs Indice_de_Lerner.
- Lerner_index sameAs Indice_di_Lerner.
- Lerner_index sameAs Lernerindex.
- Lerner_index sameAs Indeks_Lernera.
- Lerner_index sameAs m.05lppg.
- Lerner_index sameAs Q404141.
- Lerner_index sameAs Q404141.
- Lerner_index wasDerivedFrom Lerner_index?oldid=606630823.
- Lerner_index isPrimaryTopicOf Lerner_index.