Resolution of Conjectures on the Sustainability of Natural Monopoly
证明Sharkey关于自然垄断的两个猜想:在一般条件下核心价格向量位于需求曲线上;在独立需求下该价格可持续,但需求相互依赖时可能不成立。
Sharkey has conjectured that for a natural monopoly: (1) the core price vector of some output vector (which renders any partial supply of the output unprofitable) lies on the demand curve; and (2) such a price vector is sustainable, meaning that supply by an entrant would be unprofitable, even at lower prices. This article demonstrates that (1) is true even under quite general conditions that allow for interdependent demand, (2) is true provided that demand is independent, but (2) can be invalidated by demand interdependence.