Oligopsony

• Oligopsony

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Economics

1 Forms include monopoly (in which there is only one seller of a good), duopoly (in which there are only two sellers of a

good), oligopoly (in which there are few sellers of a good), monopolistic

competition (in which there are many sellers producing highly differentiated goods), monopsony (in which there is

only one buyer of a good), and oligopsony (in which there are few buyers of a good)


Index of economics articles - O

1 * Okun's law – Oligopoly – Oligopsony – Operations research – Opportunity

cost – Output (economics) – Overhead (business)


Outline of economics - Market forms

1 *Oligopsony, a market dominated

by many sellers and a few buyers.


Welfare economics - Efficiency

1 * Imperfect market structures, such as a monopoly, monopsony, oligopoly, oligopsony, and monopolistic competition.


Market structure - Types of market structures

1 * Oligopsony, a market where many sellers can be present but meet only a few buyers.


Imperfect competition

1 * Monopsony, where there are many sellers but only one buyer, and

oligopsony, where there are many sellers but few buyers.


Monopsony - Overview

1 The term monopsony power, in a manner similar to monopoly power,

is used by economists as a shorthand reference to buyers who face an

upwardly sloping supply curve but that are not the only consumer;

alternative terms are oligopsony or monopsonistic competition.


Oligopsony

1 An 'oligopsony' (from Ancient Greek 'ὀλίγοι' (oligoi) few + 'ὀψωνία' (opsōnia) purchase) is a market form in which the number of buyers is

small while the number of sellers in theory could be large. This typically happens in a

market for inputs where numerous suppliers are competing to sell their product to a small

number of (often large and powerful) buyers. It contrasts with an oligopoly, where there are

many buyers but few sellers. An oligopsony is a form of imperfect competition.


Oligopsony - Agriculture

1 One example of an oligopsony in the world economy is Cocoa bean|cocoa, where three firms (Cargill, Archer Daniels Midland, and Callebaut) buy the vast majority of world cocoa bean production, mostly from small farmers in third-world countries. Likewise,

American tobacco growers face an oligopsony of cigarette makers, where three companies (Altria Group|Altria, Brown Williamson, and Lorillard Tobacco Company) buy almost 90%

of all tobacco grown in the US.


Market power - Oligopoly

1 When several firms control a significant share of market sales, the resulting

market structure is called an oligopoly or oligopsony. An oligopoly may engage in

collusion, either tacit or overt, and thereby exercise market power. An

explicit agreement in an oligopoly to affect market price or output is called a cartel. The behavior of firms in perfect

competition or monopoly can


Economics of the arts and literature - The market for artworks

1 Two segments of the market in the visual arts can be distinguished: works of art that are familiar and have a history, and contemporary

works that are more easily influenced by fashion and new discoveries. Both

markets, however, are oligopoly|oligopolistic, i.e., there are limited

numbers of sellers and buyers (oligopsony).


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Oligopsony