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Note on Oligopoly: Rival Behavior and Efficiency

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  • Michael Jones

Abstract

This paper explores the relationship between the maximum solution and Nash equilibrium of "rival" oligopolists and the competitive equilibrium of profit maximizers. There is no presumption that quantity-setting oligopolists who attempt to achieve profits that exceed the industry average will produce an industry output below the efficient level; and in the special case of identical firms, maximin behavior or rival firms yields a Nash equilibrium and replicates the outcomes of pure competition.

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  • Michael Jones, 1980. "Note on Oligopoly: Rival Behavior and Efficiency," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 709-714, Autumn.
    • Handle: RePEc:rje:bellje:v:11:y:1980:i:autumn:p:709-714
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