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Private Information, Strategic Behavior, and Efficiency in Cournot Markets

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Author Info
Xavier Vives

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Abstract

When analyzing a Cournot market with strictly convex costs dependent on a private information parameter, do we err more by ignoring market power or by ignoring the impact of incomplete information? Is the welfare loss at the market outcome driven by private information or by market power? The answer to both questions is that in large enough markets, abstracting from market power provides a much better approximation than abstracting from private information. Let n index the size of the market and the (free entry) number of firms. Then the effect of market power (private information) is of the order of 1/n (1/√n) for prices and 1/n

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

Volume (Year): 33 (2002)
Issue (Month): 3 (Autumn)
Pages: 361-376
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Handle: RePEc:rje:randje:v:33:y:2002:i:autumn:p:361-376

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  1. Gabriel Weintraub & C. Lanier Benkard & Ben Van Roy, 2005. "Markov Perfect Industry Dynamics with Many Firms," NBER Working Papers 11900, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Kovalenkov, Alex & Vives, Xavier, 2008. "Competitive Rational Expectations Equilibria Without Apology," CEPR Discussion Papers 7025, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Per Baltzer Overgaard & Peter Møllgaard, 2005. "Information Exchange, Market Transparency and Dynamic Oligopoly," CIE Discussion Papers 2005-11, University of Copenhagen. Department of Economics. Centre for Industrial Economics. [Downloadable!]
    Other versions:
  4. Vives, Xavier, 2008. "Strategic supply function competition with private information," IESE Research Papers D/774, IESE Business School. [Downloadable!]
    Other versions:
  5. Albert Banal-Estanol & Paul Heidhues & Rainer Nitsche & Jo Seldeslachts, 2009. "Screening and Merger Activity," Discussion Papers 270, SFB/TR 15 Governance and the Efficiency of Economic Systems, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich. [Downloadable!]
  6. Nisvan Erkal & Daniel Piccinin, 2006. "Horizontal Mergers with Free Entry in Differentiated Oligopolies," Department of Economics - Working Papers Series 976, The University of Melbourne. [Downloadable!]
  7. Xavier Vives, 2009. "Strategic Supply Function Competition with Private Information," Cowles Foundation Discussion Papers 1736, Cowles Foundation, Yale University. [Downloadable!]
  8. Iván Major, 2006. "Why do (or do not) banks share customer information? A comparison of mature private credit markets and markets in transition," IEHAS Discussion Papers 0603, Institute of Economics, Hungarian Academy of Sciences, revised 24 Apr 2006. [Downloadable!]
  9. Tunay I. Tunca, 2004. "Information Precision and Asymptotic Efficiency of Industrial Markets," Working Papers 04-11, NET Institute, revised Oct 2004. [Downloadable!]
  10. Gabriel Y. Weintraub & C. Lanier Benkard & Benjamin Van Roy, 2005. "Markov perfect industry dynamics with many firms," Working Paper Series 2005-23, Federal Reserve Bank of San Francisco. [Downloadable!]
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