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Factor market effects upon product market equilibrium

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Author Info
Gregory E. Goering (Department of Economics, School of Management, University of Alaska, Fairbanks, AK 99775, USA)
Michael K. Pippenger (Department of Economics, School of Management, University of Alaska, Fairbanks, AK 99775, USA)
R. Kelley Pace (Department of Finance, E.J. Ourso College of Business, Louisiana State University, Baton Rouge, LA 70803, USA)

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Abstract

Conventional duopoly models typically assume agents possess specific conjectures concerning other agents' behavior. In this paper equilibrium conjectures are endogenous and are a result of a joint factor market and product market equilibrium. Factor markets affect product markets since potential managers or owners of firms engage in product market competition and compete for corporate control in labor or capital markets. The resulting factor and product market joint equilibrium (FPE) endogenizes conjectures and can thus potentially endogenize market structure. This approach provides economic rationales for both Stackelberg and consistent conjectural equilibria. Copyright © 1999 John Wiley & Sons, Ltd.

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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 20 (1999)
Issue (Month): 1 ()
Pages: 37-43
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Handle: RePEc:wly:mgtdec:v:20:y:1999:i:1:p:37-43

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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  1. Robson, Arthur J, 1990. "Duopoly with Endogenous Strategic Timing: Stackelberg Regained," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(2), pages 263-74, May. [Downloadable!] (restricted)
  2. Nirvikar Singh & Xavier Vives, 1984. "Price and Quantity Competition in a Differentiated Duopoly," RAND Journal of Economics, The RAND Corporation, vol. 15(4), pages 546-554, Winter. [Downloadable!] (restricted)
  3. David M Kreps & Robert Wilson, 2003. "Sequential Equilibrium," Levine's Working Paper Archive 618897000000000813, David K. Levine. [Downloadable!]
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  4. Wassily Leontief, 1934. "Stackelberg on Monopolistic Competition," Journal of Political Economy, University of Chicago Press, vol. 44, pages 554. [Downloadable!] (restricted)
  5. Leonard Cheng, 1985. "Comparing Bertrand and Cournot Equilibria: A Geometric Approach," RAND Journal of Economics, The RAND Corporation, vol. 16(1), pages 146-152, Spring. [Downloadable!] (restricted)
  6. Fershtman, Chaim & Judd, Kenneth L, 1987. "Equilibrium Incentives in Oligopoly," American Economic Review, American Economic Association, vol. 77(5), pages 927-40, December. [Downloadable!] (restricted)
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