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Global stability of unique Nash equilibrium in Cournot oligopoly and rent-seeking game

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  • Okuguchi, Koji
  • Yamazaki, Takeshi
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    Abstract

    A sufficient condition is derived for the global stability of a unique interior Nash equilibrium in an aggregative game. The condition is applied to investigate the global stability of the Nash-Cournot equilibrium in Cournot oligopoly without product differentiation and that of the Nash equilibrium in rent-seeking games.

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    File URL: http://www.sciencedirect.com/science/article/B6V85-4NTRT06-2/1/00cc73cbe922c197409d524ed3e7e0c8
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

    Volume (Year): 32 (2008)
    Issue (Month): 4 (April)
    Pages: 1204-1211

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    Handle: RePEc:eee:dyncon:v:32:y:2008:i:4:p:1204-1211

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    Web page: http://www.elsevier.com/locate/jedc

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    References

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    1. Dastidar, Krishnendu Ghosh, 2000. "Is a Unique Cournot Equilibrium Locally Stable?," Games and Economic Behavior, Elsevier, vol. 32(2), pages 206-218, August.
    2. Vives, X., 1988. "Nash Equilibrium With Strategic Complementarities," UFAE and IAE Working Papers 107-88, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    3. Szidarovszky, Ferenc & Okuguchi, Koji, 1997. "On the Existence and Uniqueness of Pure Nash Equilibrium in Rent-Seeking Games," Games and Economic Behavior, Elsevier, vol. 18(1), pages 135-140, January.
    4. Perez-Castrillo, J David & Verdier, Thierry, 1992. " A General Analysis of Rent-Seeking Games," Public Choice, Springer, vol. 73(3), pages 335-50, April.
    5. AMIR, Rabah, 1994. "Cournot Oligopoly and the Theory of Supermodular Games," CORE Discussion Papers 1994013, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. Dixit, Avinash K, 1986. "Comparative Statics for Oligopoly," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 27(1), pages 107-22, February.
    7. Okuguchi, Koji, 1993. "Unified approach to Cournot models : Oligopoly, taxation and aggregate provision of a pure public good," European Journal of Political Economy, Elsevier, vol. 9(2), pages 233-245, May.
    8. al-Nowaihi, A. & Levine, P. L., 1985. "The stability of the cournot oligopoly model: A reassessment," Journal of Economic Theory, Elsevier, vol. 35(2), pages 307-321, August.
    9. Furth, Dave, 1986. "Stability and instability in oligopoly," Journal of Economic Theory, Elsevier, vol. 40(2), pages 197-228, December.
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    Cited by:
    1. Roy, Sunanda & Sabarwal, Tarun, 2010. "Characterizing Stability Properties in Games with Strategic Substitutes," Staff General Research Papers 32009, Iowa State University, Department of Economics.
    2. Karafyllis, Iasson & Jiang, Zhong-Ping & Athanasiou, George, 2010. "Nash Equilibrium and Robust Stability in Dynamic Games: A Small-Gain Perspective," MPRA Paper 26890, University Library of Munich, Germany, revised 23 Sep 2010.
    3. Colombo, Luca & Labrecciosa, Paola, 2013. "On the convergence to the Cournot equilibrium in a productive asset oligopoly," Journal of Mathematical Economics, Elsevier, vol. 49(6), pages 441-445.
    4. Andreas M. Hefti, 2013. "Local contraction-stability and uniqueness," ECON - Working Papers 112, Department of Economics - University of Zurich.

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