International Trade and Cournot Equilibrium: Existence, Uniqueness and Comparative Statics
AbstractThis paper proves the existence and uniqueness of Cournot equilibrium in models of international trade under oligopoly. The existence of Cournot equilibrium is established without the usual assumption that profit functions are concave. Instead the proof uses a weaker "aggregate concavity" condition. A simple proof is used to establish the uniqueness of the equilibrium. And, the paper considers the implications of the assumptions, used to prove the existence and uniqueness of the equilibrium, on the comparative static results. Copyright 1992 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Bulletin of Economic Research.
Volume (Year): 44 (1992)
Issue (Month): 1 (January)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0307-3378
Other versions of this item:
- Collie, D., 1990. "International Trade And Cournot Equilibrium: Existence, Uniqueness And Comparative Statics," The Warwick Economics Research Paper Series (TWERPS) 352, University of Warwick, Department of Economics.
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- R Cornes & R Hartley, 2005. "The Geometry of Aggregative Games," The School of Economics Discussion Paper Series 0514, Economics, The University of Manchester.
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- Guerrazzi, Marco, 2013. "Asymptotic Relations in Cournot’s Quantity Game: Some International Trade Implications - Relazioni asintotiche nel gioco di Cournot: alcune implicazioni per il commercio internazionale," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 66(1), pages 47-56.
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