Polypol

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The polypole ( ancient Greek πολυ poly “a lot” and ancient Greek πωλεῖν pōlein , “sell”; thus “sell by many”) is a market form in the economy that is characterized by many market participants .

General

Market participants in any market ( goods market , financial market ) are suppliers and buyers . The types of market can also be differentiated according to how many suppliers or buyers there are. Then there is:

Enquirer
lots few a
providers lots Polypol Oligopsony Monopsony
few Oligopoly bilateral oligopoly limited monopsony
a monopoly limited monopoly bilateral monopoly

In the case of polypol, a distinction can also be made according to whether there are many suppliers ( supply polypol ) or many buyers ( demand polypol ). A homogeneous polypole exists when complete competition leads to a homogeneous good being traded without factual, personal, spatial and temporal preferences and complete market transparency . If one of these conditions is missing, it is a heterogeneous polypole with heterogeneous goods . The market form of the homogeneous polypol is unrealistic, with stock exchanges coming closest to this ideal case. Homogeneous polypoles on the perfect market result in perfect competition, heterogeneous polypoles on the imperfect market result in monopoly competition.

economic aspects

Since there are many market participants on one (or both) sides of the market (supply and demand), none of the many market participants has market power that they could use to assert their interests against the other side of the market. In this way, the competition between the participants on the polypolistic market side leads to an efficient coordination, so that polypolies are also referred to as the “best possible market form of the market economy ”. In contrast to oligopolies or oligopsons , the number of participants is so large that the market participants, ie. H. Cartels that aim to take advantage of the other side of the market are unlikely.

In a perfect market, many suppliers or buyers cannot influence the market price through their market behavior because of their small market share. The market price is a data parameter , the market volume an action parameter . They therefore behave as a volume adjustor . In Polypol, profit maximization therefore takes place with the greatest possible sales volume , which is in the amount of the capacity limit . In imperfect markets , on the other hand, there is monopoly competition ( heterogeneous polypol ). The higher the elasticity of demand here , the more similar are the market prices and quantities in polypol and monopoly , and the lower the market power of the monopolist .

The triple-slope inverse demand function of Erich Gutenberg applies in business administration was sound in theory and has also - also for both the Polypol than the oligopoly - proven empirically several times. Gutenberg assumed that in the relatively inelastic middle part of the function, price changes trigger only minor changes in demand , while price changes in the elastic peripheral areas lead to strong changes in demand. According to Gutenberg, the basic course of the price-sales function is the same in the polypol and oligopoly.

Web links

Wiktionary: Polypol  - explanations of meanings, word origins, synonyms, translations

Individual evidence

  1. ^ Heinrich von Stackelberg , Market Form and Equilibrium , 1934, p. 195
  2. Uta Neumann, Das Marktphasenschema , 1997, p. 38
  3. Insa Sjurts (ed.), Gabler Lexikon Medien Wirtschaft , 2004, p. 463
  4. Insa Sjurts (ed.), Gabler Lexikon Medien Wirtschaft , 2004, p. 463
  5. Ulrich Baßeler / Jürgen Heinrich / Burkhard Utecht, Fundamentals and Problems of Economics , 2002, p. 171
  6. ^ Polypol - definition in Duden Wirtschaft, online at the Federal Agency for Civic Education
  7. Dirk Piekenbrock, Gabler Kompakt-Lexikon Volkswirtschaft , 2003, p. 314
  8. Ricarda Kampmann / Johann Walter, Microeconomics: Market, Economic Order, Competition , 2010, p. 138 f.
  9. Hermann Diller (ed.), Handbuch Preispolitik , 2008, p. 79
  10. ^ Erich Gutenberg, Fundamentals of Business Administration , Volume 2: The paragraph , 17th edition, 1984, p. 291 f.