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A Stochastic Version of a Stackelberg-Nash-Cournot Equilibrium Model

Author

Listed:
  • DE WOLF, Daniel

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium and CEME, Université Libre de Bruxelles, Bruxelles, Belgium)

  • SMEERS, Yves

    (CORE, Université catholique de Louvain, B-1348 Louvain-la-Neuve, Belgium)

Abstract

We consider a stochastic version of the Stackelberg-Nash-Cournot model proposed by Murphy et al. (1983). In the first stage, the leader chooses and announces his production level taking into account the reaction of the followers. The decision of the leader is taken when market demand is uncertain. In the second stage, the followers, knowing the leader's output, react to this level according to the Cournot assumption. At this stage, demand is known. We study the extension of the Murphy et al. model and give a numerical illustration of this model using the European gas market.

Suggested Citation

  • DE WOLF, Daniel & SMEERS, Yves, 1992. "A Stochastic Version of a Stackelberg-Nash-Cournot Equilibrium Model," LIDAM Discussion Papers CORE 1992058, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1992058
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1992.html
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