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Constant Best-Response Functions: Interpreting Cournot

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Author Info

  • Zivan Forshner

    (Department of Economics, University of Haifa, Israel)

  • Oz Shy

    (Research Department, Federal Reserve Bank of Boston, U.S.A.)

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Abstract

Following Amir and Grilo (1999), we characterize a class of demand functions that generate constant quantity best-response functions. We examine implications of constant best-response functions for the invariance of equilibrium outcomes with respect to the assumed market structure of quantity games. We argue that, unlike the class of linear demand functions, this class of demand functions supports the pure interpretation of Cournot conjectures.

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Bibliographic Info

Article provided by College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan in its journal International Journal of Business and Economics.

Volume (Year): 8 (2009)
Issue (Month): 1 (April)
Pages: 1-6

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Handle: RePEc:ijb:journl:v:8:y:2009:i:1:p:1-6

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Related research

Keywords: constant best-response functions; Cournot equilibrium; Cournot conjectures; Stackelberg equilibrium;

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References

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  1. Martin J. Osborne & Ariel Rubinstein, 1994. "A Course in Game Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650401, December.
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Cited by:
  1. David R. Kamerschen, 2009. "The Economic Effect of the Graying of the Population," International Journal of Business and Economics, College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 8(1), pages 87-89, April.

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