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Capital Recommitment and Competition in Supply Schedules

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Author Info

  • Grant, S.
  • Quiggin, J.

Abstract

Although the Cournot and Bertrand equilibrium concepts have dominated economic analysis of oligopoly problems, neither has a compelling theoretical rationale. However, notions of capacity commitment have been used to rationalize the Cournot equilibrium. At the same time, the idea of competition in supply schedules under uncertainty has been used by Paul D. Klemperer and Margaret A. Meyer (1989) to derive an equilibrium concept intermediate between Cournot and Bertrand. In this paper, the authors combine these two approaches and show that under the assumptions of Cobb-Douglas technology and constant elasticity demand, an equilibrium in markups can result. Copyright 1996 by Blackwell Publishing Ltd.

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Bibliographic Info

Paper provided by Australian National University - Department of Economics in its series Papers with number 280.

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Length: 17 pages
Date of creation: 1994
Date of revision:
Handle: RePEc:fth:aunaec:280

Contact details of provider:
Postal: THE AUSTRALIAN NATIONAL UNIVERSITY, DEPARTMENT OF ECONOMICS, RESEARCH SCHOOL of PACIFIC STUDIES, RESEARCH SCHOOL OF SOCIAL SCIENCES, G.P.O. 4, CANBERRA ACT 2601 AUSTRALIA..O. BOX 4 CANBERRA 2601 AUSTRALIA.
Web page: http://economics.anu.edu.au/economics.htm
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Keywords: economic models ; competition ; game theory;

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Cited by:
  1. de Frutos, María-Ángeles & Fabra, Natalia, 2011. "Endogenous capacities and price competition: The role of demand uncertainty," International Journal of Industrial Organization, Elsevier, vol. 29(4), pages 399-411, July.
  2. Tina Kao & Flavio Menezes & John Quiggin, 2014. "Optimal access regulation with downstream competition," Journal of Regulatory Economics, Springer, vol. 45(1), pages 75-93, February.
  3. Bolle, Friedel, 2008. "Over- and under-investment according to different benchmarks," Discussion Papers 265, European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics.
  4. Bulut, Harun & Koray, Semih, 2008. "Competition and Regulation Via Supply and Demand Functions in Oligopolistic-Oligopsonistic Markets," Staff General Research Papers 12930, Iowa State University, Department of Economics.
  5. Menezes, Flavio & Quiggin, John, 2011. "More Competitors or more Competition? Market Concentration and the Intensity of Competition," Risk and Sustainable Management Group Working Papers 151195, University of Queensland, School of Economics.
  6. Menezes, Flavio & Quiggin, John, 2011. "Intensity of Competition and the Number of Competitors," Risk and Sustainable Management Group Working Papers 151197, University of Queensland, School of Economics.
  7. Massimo Motta & Michele Polo, . "Product differentiation and endogenous mode of competition," Working Papers 134, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  8. Menezes, Flavio & Quiggin, John, 2013. "Inferring the strategy space from market outcomes," Risk and Sustainable Management Group Working Papers 151206, University of Queensland, School of Economics.
  9. Kao, Tina & Menezes, Flavio & Quiggin, John, 2012. "Meeting the Competition: Commitment and Competitive Behavior," Risk and Sustainable Management Group Working Papers 151205, University of Queensland, School of Economics.
  10. Stefan Reichelstein & Anna Rohlfing-Bastian, 2014. "Levelized Product Cost: Concept and Decision Relevance," CESifo Working Paper Series 4590, CESifo Group Munich.

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