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Three Models of Noncooperative Oligopoly in Markets with a Continuum of Traders

Author

Listed:
  • Francesca Busetto
  • Giulio Codognato
  • Sayantan Ghosal

Abstract

In this paper, we reconstruct the main developments of the theory of noncooperative oligopoly in general equilibrium, by focusing on the analysis of three prototypical models for pure exchange economies: the model of Cournot-Walras equilibrium of Codognato and Gabszewicz (1991); the model of Cournot-Nash equilibrium originally proposed by Lloyd S. Shapley and known as window model; the model of Cournot-Walras equilibrium of Busetto et al. (2008). We establish, in a systematic way, the relationship between the three notions of equilibrium proposed in these models and the notion of Walras equilibrium. Then, we investigate the relationships among those three notions of equilibrium. JEL Classification: C72, D51.1.

Suggested Citation

  • Francesca Busetto & Giulio Codognato & Sayantan Ghosal, 2013. "Three Models of Noncooperative Oligopoly in Markets with a Continuum of Traders," Recherches économiques de Louvain, De Boeck Université, vol. 79(4), pages 15-32.
    • Handle: RePEc:cai:reldbu:rel_794_0015
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    Citations

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    Cited by:

    1. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan & Julien, Ludovic & Tonin, Simone, 2018. "Noncooperative oligopoly in markets with a continuum of traders and a strongly connected set of commodities," Games and Economic Behavior, Elsevier, vol. 108(C), pages 478-485.
    2. Francesca Busetto & Giulio Codognato & Sayantan Ghosal, "undated". "Noncooperative oligopoly in markets with a continuum of traders: a limit theorem a la Cournot," Working Papers 2014_01, Business School - Economics, University of Glasgow.
    3. Codognato, Giulio & Ghosal, Sayantan & Tonin, Simone, 2015. "Atomic Cournotian traders may be Walrasian," Journal of Economic Theory, Elsevier, vol. 159(PA), pages 1-14.
    4. Busetto, Francesca & Codognato, Giulio & Julien, Ludovic, 2020. "Atomic Leontievian Cournotian traders are always Walrasian," Games and Economic Behavior, Elsevier, vol. 122(C), pages 318-327.
    5. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2014. "Noncooperative Oligopoly in Markets with a Continuum of Traders: A Limit Theorem µa la Cournot," SIRE Discussion Papers 2014-019, Scottish Institute for Research in Economics (SIRE).

    More about this item

    Keywords

    noncooperative oligopoly; cournot-Walras equilibria; cournot-Nash equilibria;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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