joint-profit maximization

the possible situation of the optimization of industry profits by firms that coordinate their price and output policies rather than compete against each other. Joint-profit maximization is typically associated with oligopolistic markets (see OLIGOPOLY) where firms, recognizing their MUTUAL INDEPENDENCE, operate PRICE LEADERSHIP systems and CARTELS.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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This paper provides a model of service provision with homogeneous goods that allows for welfare comparisons between firms engaged in Cournot-type competition and joint-profit maximization. An important factor in this analysis is the role of service provision on the demand for the product.

Using a static modeling approach, this paper provides a model of service provision with homogeneous goods that allows for welfare comparisons between firms engaged in Cournot-type competition and joint-profit maximization. An important factor in this analysis is the role of service provision on the demand for the product.