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Three Models of Noncooperative Oligopoly in Markets with a Continuum of Traders

Author

Listed:
  • Francesca BUSETTO

    (Università degli Studi di Udine, Dipartimento di Scienze Economiche e Statistiche)

  • Giulio CODOGNATO

    (Università degli Studi di Udine, Dipartimento di Scienze Economiche e Statistiche)

  • Sayantan GHOSSAL

    (University of Warwick, Department of Economics)

Abstract

In this paper, we reconstruct the main developments of the theory of noncooperative oligopoly in general equilibrium by focusing on the analysis of three prototypical models for pure exchange economies: the Cournot-Walras equilibrium model of Codognato and Gabszewicz (1991), the Cournot-Nash equilibrium model originally proposed by Lloyd S. Shapley and known as the “window” model, and the Cournot-Walras equilibrium model of Busetto et al. (2008). We establish in a systematic manner the relationship between the three notions of equilibrium proposed in these models and the notion of Walras equilibrium. We then investigate the relationships linking these three notions of equilibrium.

Suggested Citation

  • Francesca BUSETTO & Giulio CODOGNATO & Sayantan GHOSSAL, 2013. "Three Models of Noncooperative Oligopoly in Markets with a Continuum of Traders," Discussion Papers (REL - Recherches Economiques de Louvain) 2013041, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:2013041
    Note: Special Issue : Recent Developments in Strategic Interactions and General Equilibrium
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    Cited by:

    1. Codognato, Giulio & Ghosal, Sayantan & Tonin, Simone, 2015. "Atomic Cournotian traders may be Walrasian," Journal of Economic Theory, Elsevier, vol. 159(PA), pages 1-14.
    2. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan & Julien, Ludovic & Tonin, Simone, 2018. "Noncooperative oligopoly in markets with a continuum of traders and a strongly connected set of commodities," Games and Economic Behavior, Elsevier, vol. 108(C), pages 478-485.
    3. Busetto, Francesca & Codognato, Giulio & Julien, Ludovic, 2020. "Atomic Leontievian Cournotian traders are always Walrasian," Games and Economic Behavior, Elsevier, vol. 122(C), pages 318-327.
    4. Francesca Busetto & Giulio Codognato & Sayantan Ghosal, "undated". "Noncooperative oligopoly in markets with a continuum of traders: a limit theorem a la Cournot," Working Papers 2014_01, Business School - Economics, University of Glasgow.
    5. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2014. "Noncooperative Oligopoly in Markets with a Continuum of Traders: A Limit Theorem µa la Cournot," SIRE Discussion Papers 2014-019, Scottish Institute for Research in Economics (SIRE).

    More about this item

    Keywords

    Noncooperative oligopoly; Cournot-Walras equilibria; Cournot-Nash equilibria;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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