Lerner index

The Lerner index, formalized in 1934 by Abba Lerner, describes a firm's market power. It is defined by:

$L=\frac{P-MC}{P}$

where P is the market price set by the firm and MC is the firm's marginal cost. The index ranges from a high of 1 to a low of 0, with higher numbers implying greater market power. For a perfectly competitive firm (where P=MC), L=0; such a firm has no market power.

单词	Lerner index
释义	Lerner index 英语百科 Lerner index The Lerner index, formalized in 1934 by Abba Lerner, describes a firm's market power. It is defined by: $L=\frac{P-MC}{P}$ where P is the market price set by the firm and MC is the firm's marginal cost. The index ranges from a high of 1 to a low of 0, with higher numbers implying greater market power. For a perfectly competitive firm (where P=MC), L=0; such a firm has no market power.
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