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Oligopoly and Consistent Conjectural Variations

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Author Info
Martin K. Perry
Abstract

This article examines "consistent" conjectural variations in an oligopoly model with a homogeneous product. A conjectural variation is consistent if it is equivalent to the optimal response of the other firms at the equilibrium defined by that conjecture. When the number of firms is fixed, we find that competitive behavior is consistent when marginal costs are constant, but that when marginal costs are rising, the consistent conjectural variation will be between competitive and Cournot behavior. Finally, if we allow free entry and redefine consistency to account for such, then only competitive behavior will be consistent.

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Publisher Info
Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 13 (1982)
Issue (Month): 1 (Spring)
Pages: 197-205
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Handle: RePEc:rje:bellje:v:13:y:1982:i:spring:p:197-205

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  1. Jonathan Eaton & Gene M. Grossman, 1986. "Optimal Trade and Industrial Policy Under Oligopoly," NBER Working Papers 1236, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Kala Krishna & Marie Thursby, 1988. "Optimal Policies with Strategic Distortions," NBER Working Papers 2527, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Holloway, Garth J., 1996. "Congestion Models With Consistent Conjectures," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(03), December. [Downloadable!]
  4. Stephen J. Turnovsky, 1987. "Optimal Tariffs in Consistent Conjectural Variations Equilibrium," NBER Working Papers 1872, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Chen, Chi-Chung & McCarl, Bruce A. & Chang, Ching-Cheng & Hsu, Shih-Hsun, 2002. "Spatial Equilibrium Modeling With Imperfectly Competitive Markets: An Application To Rice Trade," 2002 Annual meeting, July 28-31, Long Beach, CA 19687, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Stephen J. Turnovsky & Tamer Basar & Vasco d'Orey, 1988. "Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies," NBER Working Papers 2467, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Jim Jin & Osiris J. Parcero, 2006. "Competitiveness and Conjectural Variation in Duopoly Markets," CRIEFF Discussion Papers 0613, Centre for Research into Industry, Enterprise, Finance and the Firm. [Downloadable!]
  8. Arie ten Cate & Mark Lijesen, 2004. "The Elmar model: output and capacity in imperfectly competitive electricity markets," CPB Memoranda 94, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  9. Ludovic Alexandre JULIEN, 2006. "Conjectural variations and general oligopoly equilibrium in pure exchange economies," Economics Bulletin, Economics Bulletin, vol. 4(39), pages 1-6. [Downloadable!]
  10. Marcin Pracz & Rod Tyers, 2006. "Strategic Interaction amongst Australia’s East Coast Ports," ANUCBE School of Economics Working Papers 2006-471, Australian National University, College of Business and Economics, School of Economics. [Downloadable!]
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  11. Vanzetti, David & Kennedy, John, 1989. "Optimal Retaliation in International Commodity Markets," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 57, December. [Downloadable!]
  12. Mohammad Amin, 2004. "Market Structure and Trade Policy under Asymmetric Information," International Trade 0402004, EconWPA. [Downloadable!]
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