Intertemporal Cournot and Walras Equilibrium: An Illustration

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Intertemporal Cournot and Walras Equilibrium: An Illustration

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Manjira Datta () (W. P. Carey School of Business Department of Economics)
Tito Cordella (International Monetary Fund)

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Abstract

In an intertemporal general equilibrium framework, we compare a Cournot equilibrium to the Walras equilibrium. The Cournot agents trade and invest less than the Walras agents. This generates an ineffciency which does not vanish as the number of Cournot agents tends to infinity. A larger number of strategic Cournot agents implies that the amount of trade (relative to their aggregate consumption) increases (i.e., moving towards the Walrasian amount), but their investment (relative to the stock) decreases (i.e., moving away from the Walrasian amount).

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Paper provided by Department of Economics, W. P. Carey School of Business, Arizona State University in its series Working Papers with number 2132843.

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Handle: RePEc:asu:wpaper:2132843

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Article
- Tito Cordella & Manjira Datta, 2002. "Intertemporal Cournot and Walras Equilibria: An Illustration," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(1), pages 137-153, February. [Downloadable!] (restricted)
Paper
- Tito Cordella & Manjira Datta, . "Intertemporal Cournot and Walras Equilibrium: An Illustration," Working Papers 97/13, Arizona State University, Department of Economics. [Downloadable!]
- Tito Cordella & Manjira Datta, 1995. "Intertemporal Cournot and Walras Equilibrium: An Illustration," Economics Working Papers 125, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
- Tito Cordella & Manjira Datta, 1994. "Intertemporal Cournot and Walras Equilibrium: An Illustration," Working Papers 193, Dipartimento Scienze Economiche, Universita' di Bologna.
- Cordella, T. & Datta, M., 1994. "Intertemporal Cournot and Walras Equilibria: An Illustration," Papers 94-1, Saskatchewan - Department of Economics.

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-05-14 (All new papers)
NEP-GTH-2005-05-14 (Game Theory)
NEP-MIC-2005-05-14 (Microeconomics)

Cited by:
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Manjira Datta & Leonard Mirman, . "Dynamic Externalities and Policy Coordination," Working Papers 2132841, Department of Economics, W. P. Carey School of Business, Arizona State University. [Downloadable!]
Other versions:
- Manjira Datta & Leonard J. Mirman, . "Dynamic Externalities and Policy Coordination," Working Papers 97/11, Arizona State University, Department of Economics. [Downloadable!]
- Leonard J. Mirman & Manjira Datta, 1996. "Dynamic Externalities and Policy Coordination," CRIEFF Discussion Papers 9608, Centre for Research into Industry, Enterprise, Finance and the Firm.
- Datta, Manjira & Mirman, Leonard J, 2000. "Dynamic Externalities and Policy Coordination," Review of International Economics, Blackwell Publishing, vol. 8(1), pages 44-59, February. [Downloadable!] (restricted)
Gerhard Sorger, 1996. "Imperfect competition and capital accumulation: the role of price normalization," Journal of Economics, Springer, vol. 63(3), pages 279-302, October. [Downloadable!] (restricted)
Other versions:
- Gerhard SORGER, 1995. "Imperfect Competition and Capital Accumulation: The Role of Price Normalization," Vienna Economics Papers vie9506, University of Vienna, Department of Economics.
Manjira Datta, . "Externalities and Price Dynamics," Working Papers 9710, Arizona State University, Department of Economics. [Downloadable!]
Other versions:
- Datta, Manjira, 1997. "Externalities and Price Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 587-603, August.

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