PRICE THEORY

ASSIGNMENT 2 - GROUP ASSIGNMENT

Date
RMIT UNIVERSITY
 1) Analyse oligopolyOR monopoly in Vietnam. Discuss the market power and the
pricing strategies of a specific firm of your choice. Use appropriate facts, figures
and diagrams to support your arguments.

An overview of oligopoly
Oligopoly is charycterized as a market structure with more than two companies
and none of which can keep the others from having significant influence. Thus, the
market structure in oligopoly will tend to be fiscally unstable. The reason why
oligopolies survive or not depends on a few things, such as incentives, the relative
strength of competitors, and business models that operate to minimize negative effects.
In nature, the dominant firms on oligopy market will be able to make their business
models as successful, effective, and widely distributed as possible by keeping their
competitors from gaining market share or competing with them (Onofri, L. and Boatto,
V., 2015). The more competition the better, and the more efficient those firms will be.
There is also a risk that a number of firms will get into the oligopoly but find little
success, as has happened in the mobile telecommunication service industry inVietnam.
An oligopoly allows the smallest possible number of firms to have the largest margin.
This is the most relevant of all the "rules" that define a competitive environment.
Another form of oligopoly is that in which one firm competes closely with some other
firm on the basis of a set of standards set by the others. Some businesses that are
relatively small, or just not very competitive, might survive and thrive. An oligopoly that
has too little competition goes into a period of rapid concentration. The market goes into
an equilibrium point at which it can continue to respond to all the needs of the economy.
Any level of oligopolitical concentration must be eliminated, but at this point oligopoly
stability is achieved, and the market remains at a level that minimizes competition. An
oligopolistic regime has stability until it is attacked (Askar, S.S., El-Wakeel, M.F. and
Alrodaini, M.A., 2018). During this time, the market behaves like an oligopolitical
regime, and it can stabilize or collapse to a large extent depending on the political
structure. Competition does not exist when there are only a few firms doing similar jobs.
Rather, what it does is cause some companies to specialize and specialize in a certain
market. In other words, the market is competitively limited, and most market entrants
can compete with a limited number of competitors (Bauer, P.T., 2013). In a small,

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homogeneous market, the number of firms and their abilities to compete with others of
similar characteristics are not very important. However, when there are many producers
in a given industry, this kind of competition becomes crucial, which is why an antitrust
case needs to be consolidated all the way through. In a heterogeneous industry, the
extent to which each producer produces a product that is highly competitive can vary
greatly in time and space (Rao, T.R., 2015).
A real example of Oligopoly in Vietnam
Telecommunication industry is considered as a real example of oligopogy in
Vietnam. At the present time, there emerges with seven mobile network providers in
Vietnam, including Mobifone, Vinaphone, Viettel, Sfone, Gmobile, Vietnamobile and
EVN Telecom (Dong Phong, 2013). The former companies of Gmobile and
Vietnamobile are Vodafone and SBC in turn. In 2013, Sfone dissolved and EVN
Telecom was merged into Viettel. With the merged companies, Vietel now owns 50 per
cent of the market share (MIC, 2014). Mobile phone service is dominantly provided by
the top three biggest players: Vinaphone, Mobifone, Viettel. According to BMI
Research, they held more than 90 percentages of mobile market share in 2017. First,
Viettel holds 50% of the market in total and control half of the market in Vietnam,
followed by Vinaphone at 25.37% and Mobifone has 24,63% market share (VietNam
Telecommunication Authority) . Other emerging players in the mobile
telecommunication industry are: Beeline (13.2%), Sfone, Gmobile, Vietnamobile and
EVN Telecom. These operators use three fixed line routes, which are all covered by
VAR and also with VAR. MVNO is an aggregation technology for managing
connections between different networks, which allow to make network connections
simultaneously with high speed. MVNO technology allows to make connections with no
network footprint, providing high speed up to 500Mb/s while providing low latency for
Internet connections (Viet Nga, 2017). Vietel operates the majority of Vietnam's
telecommunication industry, as well as providing network services throughout the
country. It is the provider of network services for most of the largest mobile users, such
as government and military personnel also serves large and medium enterprises and
small businesses in Vietnam. According to a survey by ZDNet, 66% of Vietnamese
population used mobile phone for internet at least once in 2014, but 66% reported that

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their mobile phone is not capable to handle all their mobile applications (Manh Dat,
2016). These companies share the common primary goal of providing mobile
telecommunication services in Vietnam was to offer a reliable mobile network.

Market power and Pricing strategy of Viettel Telecom corporation

Viettel as a company operating on oligopoly market also has disadvantages when it
comes to pricing and supply. When prices tend to rise dramatically, consumers tend to
reduce their purchases and spend more, which leads to lower economic growth. This
may result in higher prices for goods for which consumers are unwilling or unable to pay
for them (Mazzeo, M.J., 2002). Thus, oligopolies produce a greater negative effect on
both prices and market structure when there is greater competition and less direct
competition; however it will generally be more beneficial as a result of a more stable
market structure. This is true at a minimum in countries of high consumer confidence
and when there are little or no government restrictions. Viettel has built a strong mobile
network but is unable to compete with the other telecom companies. Viettel has also
created a market for mobile applications. As for mobile Internet customers, Viettel is

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offering a 3GB package that allows unlimited 3G coverage in Vietnam (Huong Thu, Anh
Quan, 2013). Vietel also says that at least one out of 500 companies who use their
platform offers 3G packages. With the rise of the internet economy in 2000, large firms
had the opportunity to bring down the competition and provide quality services in a
relatively short period of time. It knows that mobile customers are paying more for
monthly service charges, which is why Viettel needs to lower their monthly prices and
offer more reasonable plans. To achieve this, these carriers offer 4G roaming packages
that are offered with unlimited data allowance (Viet Nga, 2017). Of course, these tariffs
differ from one country to another, though. Mobile plans vary between different
operators. For example, Viettel offers unlimited plans for 4G data while its competitors
are limited to 3G speeds. In addition, they offer unlimited text messages and text free
calling on certain days at various locations. At mobile phone retail outlets, they are not
only able to discount customers but also offer offers based on location and age range.
After that, they have announced the policy of throttling traffic speed for 5 minutes and 4
seconds. If the throttling continues for more than 25 minutes for longer than 3 minutes,
customers are asked to upgrade to their preferred plan and get an additional data
allowance at a higher monthly charge. So, when consumers want to increase data and
usage, they have to purchase Viettel+ service plan which is bundled with 4G data and
4GB/10GB data to get unlimited usage. So, once again, the major player on
OLIGOPOLY market of mobile telecommunication industry such as Viettel have
succeeded in their strategy of blocking out competition to their profit margins. While it's
possible to increase the cost of service by paying for more equipment and data, that can
only occur through aggressive promotion of the current plans to generate more
customers. The new generation of wireless networks will not be able to compete with the
incumbents, which means this type of market consolidation will continue to be occurring
and consumers will experience the most expensive broadband services at the end of the
long journey (USAID, 2005).

2) Discuss income and substitution effects underlying backward bending labour

supply curve. Analyse a real-world example of backward bending labour supply
curve, either for an individual or an industry. Use appropriate diagram analysis
to support your arguments.

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In recent years, there has been increasing concern that the effect of changes in the labour
supply of labour are associated with changes in employment rates across the country.
Over the last five years, there has also been increased research attention to the possibility
that real wage effects on employment of employment will be large in relation to real
wage changes. As this is an issue that is generally considered to be highly complex,
recent research on the effects of Labour Force Segment (LFS) data sets is examined to
identify relevant factors that account for the large LFS data variability (Lin, Chung-
cheng, 2003). This is the effect of the increased cost of living and the lower wages.
However, because the labour supply curve for the high-cost workers is a function of the
changes in the labour force as a whole, and because the wages rise when the cost of
living rises as well, the trend towards a higher labour supply curve can be seen at any
time, such as when the productivity of labour increases (Hamermesh, D. S. 1977). The
labour supply curve (or labour market) will only move forward if the labour demand for
certain labour inputs (the price of input work itself) remains fairly constant, and
productivity improves as the labour supply of that input increases.
The backward bending labour supply shows that a change in wage level has little effect
on the forward bending labour supply. When the businesses adjust for wages an increase
in unemployment reduces the forward bending supply (Makin, A. J., & Strong, S. 2013).
If this is so it is can concluded that lower prices are responsible for less output because,
well, lower prices tend to increase productivity and lower prices will lower the forward
bend rate, and vice versa. The backwards bending labour supply represents the effects of
changing wage rates on the amounts of hours the employees work within a particular
industry or sector.
The following graph is employed as an illustration of the backward bending supply curve
to explain the derivation of the curve

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Wage Rate
.
R3
R2

R1

H1 H2 H3 Working Hours

The graph above shows the trend. The red curve shows the backward bending slope. As
illustrated by the graph, the wage rate is placed on the X-axis, and the number of hours
worked on the Y-axis. We have shown how each income rise can cause a regression line
drawn from the slope of the curve to the straight line. The red curve representing for the
backward bending slope is always positive when the number of working hours is pretty
small; and it will show a negative trend in case the number of hours is increasing. As
observed in the graph, when number of working hours is high, the wage rate will also be
high. On the other hand, there is a maximum utility on point R2, at which the working
hours will have to fall. In case, the situation takes place that any changes happen pushing
the curve from R1 to R2, it is interpreted as the worker gain utility by increasing his
wage, and also his working hours from H1 to H2. The movement is also spread by a
positive substitution effect and a negative income effect. A movement from R2 to R3
will result in a reduction in the working hours from H3 to H2, because the income is now
higher than the substitution effect. Any higher wage starting from R2, the worker is
satisfied and is not looking for a higher wage compared to his hours of leisure, because
his preference for leisure is higher than his preference to work. These facts mean that a
single increase in the wage is associated with a slight gain in employment. The result is
that there is no substitution effect on the wage in that the maximum wage is increased as
its quantity of work is increased. At times in history the economic theory of
accumulation has been revised to accept an equilibrium of the working conditions of

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workers, and then to assume, not that the demand of labor must be balanced by the
wages paid on work, but that it is balanced by the wages paid for labor (Killingsworth,
M. R. 1985). The theory of distribution must be revised by considering the possibility
that the demand for labor is the result of the existence of two competing demand forces,
each of which operates according to a different price mechanism. The slope (red line)
always increases exponentially towards the straight line, and thus we can expect the
income curve to remain unchanged. This is also the reason why income distributions
should never reach perfectly straight lines (Dalamagas, B. 2005).
For illustrating the implication of income and substitution effects when the
income increases, the two separate graphs will be utilized

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The first show the relationship between wages paid in wages and total hours worked. We
will then assume that the number of hours and the amount of production increase by the
same proportion. This is analogous to using the linear growth equation for the
relationship between income and wage growth. The amount of output is dependent on
the number of hours worked; this depends on income growth and relative wages growth.
"The average wage," we see, is given by" (i.e. the average wage for a given amount of
output) in constant terms, while the hours-per-hour change is related to output, i.e. "The
hours in a job increases with the number of hours worked." This means the wage rate
"increases for every increase in output. "As we see, because the rate of pay only
increases with the number of hours worked, and income changes only with output, one
can deduce that wages increase with output and employment increases with employment.
The second graph is called the substitution factor graph because our relationship between
wages and total hours worked shows that when income falls, it tends to fall with the
number of hours.
The diagram shows the effect of the changes in rates of real wage change over time, as
we have shown previously. The wage premium (the difference between the hourly wage
and the average salary earned by the employees as a percentage of the salary) of the
current situation and the wage premium (the difference between the wage rate and the
average salary earned by most of an individual employee) of the future are called the
wage premium. If the wage premium increases, the average salary is reduced and some
employees are able to keep their jobs. However, if the wage premium slows down, some
individuals lose their jobs, and their work hours fall (Dalamagas, B. 2005). The wage
premium of today is therefore greater than the wage premium of tomorrow or of a few
years hence.

If the workers' wages increase by two or more decimal places, they are called an
upwardly bending wage. The wage premium of these wage earners is smaller than the
wage premium of the typical wage worker in the same country (the lower figure reflects
changes in wages due to the rise of the minimum wage or of the minimum benefit or of
the increase in the working week) (Browning, E.K. and Zupan, M.A. 2004). Another

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explanation for the finding that increasing number of hours worked leads back to higher
wages is that increasing number of hours worked is usually associated with employment
expansion or the growth in output or the price level. If number of hours worked increases
but wages still rise, it is often because growth in output or the price level is lower.

This elasticity increases over time when women occupy lower positions of occupational
priority, suggesting, in other words, that women's occupations have a larger impact on
wages than do their male counterparts. Note also that labour market characteristics such
as job types, location and time of career duration influence the elasticity of job demand;
this is indicated by the existence of different elasticities in different positions of
occupational priority in each sub-group. The distribution of the elasticities between job
types in mobile telecommunication industry appears consistent with the observation that,
in such a dynamic sector, low-productivity women's occupations are more likely to be in
non-retail sectors such as health care and health benefits. Given the elasticities between
job type for women employees, a substantial gap exists between demand for leisure and
supply of leisure, with a relatively small gap between demand for leisure and supply of
leisure in men (Adib J. R., 2013).

Evaluate the consequences of having backward bending supply curve for labour in a
general situation.

If labour has to pay its cost with its labour power and is not allowed to sell its goods or
earn its wages, it has much lower capacity and productivity; if labour has to pay its cost
by accepting the labour power offered, its efficiency will decrease. It means that the
average worker has to work harder in order to obtain the same pay and benefits as the
worker at the front, so that they are not able to afford to spend as much time in the
workforce and therefore are less productive in terms of average earnings. This increases
the probability of the individual workers having an even or worse wage condition in
relation to the average workers. In order to create the right incentives, this means
increasing the proportion of a worker's production that is allocated to labour over the
whole of the economy (Hanoch, G., and Fraenkel, M. 1979). There is some evidence that
this can result in an aggregate demand for labour which is much higher than what would
realistically be possible in the case of free labour. The marginal costs of producing goods

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in Vietnam are higher than in other countries. The labour's wage is higher than in many
developing nations. If a labour is unable to produce for a profit or if their wages go
down, that might affect the level of profitability. Thus, a worker in rural areas may lose
out politically.
The price of labour is lower than in other countries. If a worker in Vietnam struggles
with low quality products on the wage and their condition, then workers can feel a
pressure to look for cheaper labor overseas. The labour costs are high. This might lead
to a shortage of labour supply. This might impact growth and thus reduce employment.
A country's level of investment leads to cheaper labour. In the case of China and India,
this means that investment growth is higher than average and is therefore driven largely
by labour. If investment is driven by labour, then the labour costs for workers are lower
than in other countries. This means lower labour productivity of labour (Kako, T. 1978)
It is also more complicated to compare the supply curve of labour vs. capital vs.
labour. In a developed nation, labour is much more common than goods.
These findings, although controversial, have been put forth well because it has led to
very good macro-economic explanations for the aggregate effects of macro-defence
policies such as fiscal austerity and government programmes such as pension reform
(Gallagher, D. G., & Hackleman, E. C. 1979). The key element in the policy mix is to
encourage aggregate demand by reducing the proportion of total labour supply that is
allocated to labour and encouraging the aggregate level of wage demand to rise. Another
implication is that when aggregate demand is restricted (as is typically the case with
macro-defence policies), it leads to a decline of the aggregate wage level. But the only
thing that is not affected by an backward bends is income. That is why if a country has
more production than it has labour force, a country has to pay its income tax more to
fund the social welfare. In today's day-to-day context, income tax of around 60% for
income above Rs 1 lakh should be increased, to help the budget deficit which is
projected to balloon and become even greater. The government may have planned for
maximum support to the productive forces, for raising their productivity, but the result is
that income from the income tax will drop very much to an insignificant extent.

3) Discuss the relationship between adverse selection and moral hazard. Give specific
examples. What could be the solutions for these problems?

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There are several consequences of having backward bending supply curve for labour in a
general situation. Adverse selection happens from both sides in an anonymous market.
From the part of sellers, adverse selection emerges as authentic sellers leave the market
as their attempts are not realized by the buyers and buyer makes wrong decision in
purchasing products from the wrong sellers, as careless sellers try to exploit the market.
And on the other hand, moral hazards take place due to mismanagement from one or
both the sides due to the exploitation of the lack of communication (Doherty, N. A., &
Smetters, K. 2005).

The two types of dangers can easily be classified in two categories. One is the moral
hazard due to moral decisions that can be taken and are not followed, due to a lack of
awareness. It is of equal importance to avoid these risks, especially if one of the sides, or
neither would have known about them (Abbring, J. H., Heckman, J. J., Chiappori, P. A.,
& Pinquet, J. (2003). For instance, one could assume that the person who would buy
products of the company on this marketplace or to an agent could be one-way only when
he or she knows about the possible consequences. Such person can decide without any
knowledge of consequences to what would happen if he or she would purchase such
products. He or she does not know how and if the decisions that he or she would make
are going to come true and what could happen to him or her should result (even though it
might not be possible for him or her to have known about such situation). It means that
one may not know even if he knows the possible consequences. As we will see, these are
not always serious problems as many products or services in this market are easily
available to all. Thus, in this situation it also occurs in situations where only some people
are aware of the actual situation and are not able to make a change. This is not to say that
the market in this anonymous market doesn't allow a lot of genuine buyers and sellers to
act in mutual interest and exchange value, but they have to make the difficult decision to
wait for the situation to change (Garven, J. R., Hilliard, J. I., & Grace, M. F. 2014).

There is another problem that can arise when the market is centralized, i.e. when it has
too many participants who are not involved in the discussion around the decision
making, and hence are not responsible to one another. In case of a centralized market,

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there are risks by the participants from each side. This is why it might be necessary to
have a third entity like a mediator who can monitor the transactions and the results of the
decision making. The intermediary is also called the arbiter and arbitrator is the one
taking over from the party who is responsible to the person by a large amount of the
transactions. One needs to ensure that there is trust, and that the mediator is not an
adversary of the participants and they do not lose their trust as the result of their decision
based on their own information. Now, it is possible to say that the market could work
better than it is, and that its current state would eventually become better, but we cannot
achieve one end and not the other. What matters is not the system of production, but
rather the way the system is structured and organized. There is the problem that the
market is often small and people do not speak openly about their business. And when
they have a question, it's difficult for buyers to understand where it's all coming from.
On the other hand, sellers have the opportunity to communicate with buyers before their
products were even offered and with sellers, who sometimes do not have an opportunity
to speak openly. In such way the exchange of information is facilitated. And sometimes,
even if someone offers something, it can cause some harm. This is why the market is
very dynamic, and it tends to bring a lot of pressure on people who try to do a good job
of finding and understanding buyer and seller differences, so there can be a lot of
opportunities to make mistakes with products and sellers (Phillips, R. D., Cummins, J. D.
& Allen, F. 1998) .

Silicon Valley is very well known for its ability to create the largest market and in this
case, with its highly networked and open source software. The market is completely
anonymous on the market, which does not include the information about the users from
social networks or the company itself. Also, it allows the anonymous exchange of
information about products, service and prices which are not known to the people
themselves. Therefore, the exchange between vendors and consumers in the anonymous
market can include the possibility of negative selection of products. In an anonymous
market, this positive selection means that the products from one vendor are very strong
and will be able to dominate the market. However, as the competition between the
products from multiple vendors keeps advancing, the demand by consumers of the very

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strong products will become increasingly competitive and will have little influence on
vendors that are producing the least valuable products.
In summary, the market is a big mess that allows the use of many people to manipulate
for gains while we are being exploited by people who are actually exploiting us.
However, in the absence of a coordinated, well developed economic response, the
market will continue to function as a place for people to get along for the time-sharing,
but not for productive work to be done. Our current level of economic development may
be bad, but most people don't have time for real reform. We should aim the highest the
potential to improve the situation to help the poor more quickly, but instead the whole
scheme is an accumulation of the same kind of corruption that we have seen throughout
history. We can see it in the endless waste of resources, all because nothing is done, all
because things are not given in exchange for what is asked. The above is not about just
how bad the market was, but more particularly not just how bad the market was given
the massive and relentless shift of market power from sellers to buyers. It is about how
much and how rapidly that change has altered prices in every way not related directly to
supply and demand.
Reduction in Moral hazard:
One of the most common ways of improving moral hazard may involve increasing the
selling price (through the sale of goods or services or purchasing from third parties) in
order to encourage buyers to stay in the market. However, if these buyers are the ones
who choose to stay, if their purchase is not delivered at the specified prices (a property
price) and they subsequently withdraw or sell at a lower value and a further increase in
price (a transfer price), the contribution from the seller may have been lessened because
the seller cannot afford to keep on selling or withdraw from the market in order to repay
higher transaction costs (Mayers, D., & Smith, C. W. (1990). If a person does return to
the market, the transaction costs could be higher.
We believe that the best way to achieve this reduction in moral hazard is through price
discovery for each seller. If a seller does not wish to use the two-tier auction system that
we have in place currently, he sets up a smaller auction and provides an auction to any
buyer who wants to bid on the smaller auction if that's his intention or wants to enter the
market. The auction for the smaller auction is used to determine if this buyer has a higher

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probability of buying it (e.g. this buyer has a larger amount of personal credit. In
addition, In order to minimize the risks of negative selection caused by non-transparent
communication, companies use anonymization mechanisms such as cookies or by using
"trusted third-party platforms.Therefore, buyers, from seller's side, need to keep on
developing their own strategy, as there are always exceptions. To make your choice
wisely one has to know these aspects of the scene, which is always a valuable thing in
any scene.

Reduction in Adverse Selection

A reduction in negative selection on buyers is accomplished by a reduction in buyer

pressure which reduces buyer's inclination to enter the game and buy back their home
when there are problems in the market. An explanation of buyer pressure could include
the fact that when sellers are pushed from an early exit because they have low rating and
high prices, they tend to leave, while those who stay are often forced or reluctant to do
so. The decrease in negative selection on buyers is an effective, but subtle, effect that
makes it less obvious. Negative pressure on buyers is also caused by changes in home
buyers as an effect of price competition (Lei, Y., & Schmit, J. (2008). In fact, both
buyer and seller pressure is important to a well running market. The key to reducing
adverse selection is transparency. There have been a number of studies showing that
when individuals are encouraged to participate less in the marketplace, there is a
reduction in the quantity and quality of listings of which they are exposed. They also
report that the reduction in advertisement on the websites and in the media enhances the
quality of listings and consequently reduces the amount of market exposure they receive,
and that a better quality listing leads to an increase in profit (Jean-Baptiste, E. L., &
Santomero, A. M. (2000). A reduction in exposure to adverse selection can also increase
the market cap per seller, and thus the chance of being targeted for price speculation by
traders who are looking for a quick payout or trading advantage. As the market grows,
these traders may become more aggressive, taking larger risks at the risk of being
victimized by the less regulated market. This is not a perfect solution, of course, as some
traders might try to profit by taking advantage of a market with lower-quality sellers in

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order to gain a quick edge over their competitors, who are better able to price their
sellers carefully and act quickly to protect their profits from being hurt when their own
prices increase rapidly. However, for the majority of sellers whose reputation is already
compromised, all of these positive changes made them less likely to leave their mark on
anything. These sellers would likely not remain good prospects for another seller to try
and replace them on top of the reputation capital they lost by leaving their mark for.
Since they cannot take advantage of these new mechanisms to maximize their reputation
capital by adding more than they are currently worth, they can take action to reduce the
risk of leaving a mark. There would be less of an overall gain in reputation than with the
initial exit strategy and since more of these sellers will be leaving the market at the same
time, any new buyers taking on the risk of being exploited by an exploitative seller will
not necessarily be taking any risks at all (Garven, J. R., & Lamm-Tennant, J. (2003).
Furthermore, market volatility will decrease as this mechanism does not add to volatility
in seller supply because they have less reputation capital remaining in their portfolio
which are already less volatile.

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