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incumbent firm

A firm which is already in position in a market. In a contestable market, where the goods produced by different firms are homogeneous and there are no sunk costs, there is complete ...

incumbent firm

incumbent firm   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
120 words

...incumbent firm A firm which is already operating in a market. In a contestable market , where the goods produced by different firms are homogeneous and there are no sunk costs , there is complete symmetry between an incumbent firm and would-be entrants. If goods can vary in quality, so that reputation matters, and if there are any sunk costs, the incumbent is in a stronger competitive position than potential entrants: the incumbent has established market contacts, and has already incurred the sunk costs. An incumbent will have a further competitive...

incumbent firm

incumbent firm  

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Overview Page
A firm which is already in position in a market. In a contestable market, where the goods produced by different firms are homogeneous and there are no sunk costs, there is complete symmetry between ...
The Antiquarian Tradition

The Antiquarian Tradition   Quick reference

David Hey

The Oxford Companion to Local and Family History (2 ed.)

Reference type:
Subject Reference
Current Version:
2009
Subject:
History, Local and Family History
Length:
4,837 words
Publisher:
Oxford University Press

...music, and natural history. The country parish where they lived was the focal point for much of this multifarious activity. The major Victorian figure in the distinguished line of scholar–parsons who were interested in all aspects of their parish was Canon J. C. Atkinson , the incumbent of Danby on the North York Moors from 1847 to 1900 . Atkinson calculated that he had walked over 70 000 miles in the course of his clerical duty. During these long walks he developed his keen powers of observation. Cut off from other scholars, he nevertheless published an...

War

War   Reference library

An Oxford Companion to the Romantic Age

Reference type:
Subject Reference
Current Version:
2009
Subject:
History, modern history (1700 to 1945), Literature
Length:
4,919 words
Publisher:
Oxford University Press

...élite in control of the state to dissipate and divert popular opposition, has given way to a focus on the prominence of patriotism in urban societies and middle class life in general. As a ruling device, patriotism is seen operating to best effect in the towns, where incumbent élites, interested in developing civic cultures and often faced with the problems of controlling large, disparate populations, readily appreciated how it could be used to unify their communities and secure their authority. National defence and the concerns of urban rulers meshed...

firm

firm  

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Overview Page
The basic unit of organization for productive activities. Economic theory views the firm as transforming inputs into outputs subject to the limitations of its technological knowledge (summarized in ...
proxy contest

proxy contest  

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Overview Page
The use of shareholders' votes at company meetings to influence the incumbent management, to make or obtain favourable resolutions, or to take control of the firm by replacing the management.[...]
product proliferation

product proliferation  

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Overview Page
Marketing of many varieties of the same product by a producer. It is sometimes regarded as a waste of resources and a barrier to entry, as the incumbent firm may use it to occupy the gaps in the ...
barriers to exit

barriers to exit  

Obstacles that make it costly for a firm to exit a market. Barriers to exit intensify competition in a market because incumbent firms have little choice but to ‘stay and fight’. Examples of barriers ...
limit pricing

limit pricing  

Reference type:
Overview Page
A policy for an incumbent firm of discouraging entry to its market by charging a low enough price for entry to appear unprofitable to other firms. This is contrasted with a policy of short-run profit ...
five forces model

five forces model  

Developed by Michael Porter, this model provided a framework for an overall set of competitive rivalries within an industry structure. Marketers seeking to develop a competitive advantage can use ...
barriers to entry

barriers to entry  

Factors that prevent competitors from entering a particular market. These factors may be innocent, e.g. an absolute cost advantage on the part of the firm that dominates the market, or deliberate, ...
natural monopoly

natural monopoly  

Reference type:
Overview Page
A natural monopoly occurs when the production technology is characterized by increasing returns to scale and the level of demand is such that only a single firm can be profitable. High fixed costs ...
Dan Quayle

Dan Quayle  

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Overview Page
(b. Indianapolis, 4 Feb. 1947)US; US Senator for Indiana 1981–9, Vice-President 1989–93 Educated at De Pauw University in Indianapolis, Quayle worked in the family newspaper business in Indiana. In ...
Charles Evans Hughes

Charles Evans Hughes  

Reference type:
Overview Page
Subject:
Law
(b. Glen Falls, New York, 11 Apr. 1862; d. Osterville, Massachusetts, 27 Aug. 1948)US; Governor of New York 1906–10, Republican presidential candidate 1916 Hughes, the son of a Baptist preacher, was ...
limit pricing

limit pricing   Reference library

Dictionary of the Social Sciences

Reference type:
Subject Reference
Current Version:
2002
Subject:
Social sciences
Length:
217 words

...in a market and allows the incumbent firm to earn above-normal profits. The groundbreaking research in this area was done by Bain Sylos-Lambini and Franco Modigliani . Limit-price theory is based on a series of assumptions about the actions of incumbent and entering firms: first, that the incumbent firm is already producing at a level that assures minimum cost, and second, that an entering firm will have higher costs due to smaller output. The entering firm bases its decision on the belief that the incumbent firm will maintain its present level of...

limit pricing

limit pricing   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
69 words

...limit pricing A policy an incumbent firm can use to discourage entry by a new firm into its market. Limit pricing involves charging a low enough price—the limit price—for entry to appear unprofitable to other firms. Limit pricing is not a credible threat: charging the limit price is not the optimal strategy after entry has occurred, and it is always best for the incumbent firm to accommodate the...

firm

firm   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
133 words

...are usually organized as companies. A single firm may have numerous establishments or branches, such as factories or shops. See also dominant firm ; evolutionary theory of the firm ; incumbent firm ; managerial theories of the firm ; marginal firm ; multinational ; multi-plant firm ; multi-product firm ; representative firm ; worker-controlled firm...

proxy contest

proxy contest   Reference library

The Handbook of International Financial Terms

Reference type:
Subject Reference
Current Version:
2005

...contest or proxy fight . The use of shareholders ' votes at company meetings to influence the incumbent management, to make or obtain favourable resolutions, or to take control of the firm by replacing the...

product proliferation

product proliferation   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
51 words

...product proliferation Marketing of many varieties of the same product by a producer. It is sometimes regarded as a waste of resources and a barrier to entry , as the incumbent firm may use it to occupy the gaps in the market that could potentially be used by an entrant firm...

barriers to exit

barriers to exit   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
62 words

...barriers to exit Obstacles that make it costly for a firm to exit a market. Barriers to exit intensify competition in a market because incumbent firms have little choice but to ‘stay and fight’. Examples of barriers to exit include the costs involved with the write-off of assets, redundancy payments, penalties for terminating contracts, and the loss of reputation and...

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