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Intertemporal Cournot and Walras Equilibria: An Illustration

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  • Tito Cordella

    (International Monetary Fund, U.S.A.)

  • Manjira Datta

    (Arizona State University, U.S.A.)

Abstract

In an intertemporal general equilibrium framework, we compare a Cournot equilibrium to the Walras equilibrium. The Cournot agents trade and invest less than the Walras agents. This generates an inefficiency that does not vanish as the number of Cournot agents tends to infinity. A larger number of strategic Cournot agents implies that the amount of trade (relative to their aggregate consumption) increases (i.e., it moves towards the Walrasian amount), but their investment (relative to the stock) decreases (i.e., it moves away from the Walrasian amount). ""S'il y avait 3, 4, ...n producteurs en concurrence [...] la valeur de p, qui en rÈsulte, diminuerait indÈfiniment par l'accroissement indÈfini du nombre n"," A. A. Cournot (1838, p. 63). Copyright 2002 by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Resarch Association

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 43 (2002)
Issue (Month): 1 (February)
Pages: 137-153

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Handle: RePEc:ier:iecrev:v:43:y:2002:i:1:p:137-153

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Cited by:
  1. Manjira Datta & Leonard J. Mirman, . "Dynamic Externalities and Policy Coordination," Working Papers 97/11, Arizona State University, Department of Economics.
  2. Polemarchakis, Herakles M. & Ray, Indrajit, 2006. "Sunspots, correlation and competition," Games and Economic Behavior, Elsevier, vol. 56(1), pages 174-184, July.
  3. Manjira Datta, . "Externalities and Price Dynamics," Working Papers 9710, Arizona State University, Department of Economics.
  4. Gerhard Sorger, 1996. "Imperfect competition and capital accumulation: the role of price normalization," Journal of Economics, Springer, vol. 63(3), pages 279-302, October.
  5. Julien, Ludovic A., 2011. "Unemployment equilibrium and economic policy in mixed markets," Economic Modelling, Elsevier, vol. 28(4), pages 1931-1940, July.

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