The escape from conjectural variations: the consistency condition in duopoly theory from Bowley to Fellner
AbstractThe paper covers the 1924--1949 debate on the conjectural variations approach to duopoly theory and focuses on the evolution of economists' views about the imposition of a consistency condition on the firms' conjectures. The main point is that, although the consistency condition entailed a notion of interactive equilibrium that resembled the modern correct conjectures equilibrium, most neoclassical economists of the time refused to apply it because of the excessive requirements it imposed upon the firms' forecasting abilities, and because of its failure to encompass an explanation of the equilibrating process. Copyright 2005, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 29 (2005)
Issue (Month): 4 (July)
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- Kalashnikov, Vyacheslav V. & Bulavsky, Vladimir A. & Kalashnykova, Nataliya I. & Castillo, Felipe J., 2011. "Mixed oligopoly with consistent conjectures," European Journal of Operational Research, Elsevier, vol. 210(3), pages 729-735, May.
- Paulo Brito & Bipasa Datta & Huw Dixon, 2012. "The evolution of the mixed conjectures in the rent-extraction game," Discussion Papers 12/33, Department of Economics, University of York.
- Douglas, Niall Edward, 2006. "Explain ‘conjectural variation’ in Cournot duopoly, evaluate its impacts and discuss the policy implication," MPRA Paper 13652, University Library of Munich, Germany.
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