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Joint Production Games with Mixed Sharing Rules

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Author Info

  • Richard Cornes

    (School of Economics, University of Nottingham,)

  • Roger Hartley

    ()
    (Keele University Department of Economics)

Abstract

We study Nash equilibria of joint production games under a mixed output sharing rule in which part of the output (the mixing parameter) is shared in proportion to inputs and the rest according to exogenously determined shares. This rule includes proportional sharing and equal sharing as special cases. We show that this game has a unique equilibrium and discuss comparative statics. When the game is large, players unanimously prefer the same value of the mixing parameter: the equilibrium value of the elasticity of production. For this value, equilibrium input and output are fully efficient. Our approach exploits the fact that payoffs in the joint production game are a function only of a player’s input and the aggregate input and has independent interest as it readily extends to other ‘‘aggregative games’’.

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Bibliographic Info

Paper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number KERP 2002/16.

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Length: 39 pages
Date of creation: Sep 2002
Date of revision:
Handle: RePEc:kee:kerpuk:2002/16

Note: The work of the first author was supported by a Leverhulme Research Fellowship. We would like to thank Wolfgang Buchholz, Jurgen Eichberger, Gauthier Lanot, Todd Sandler, Henry Tulkens and members of seminars at the University of Melbourne and the Australian National University for helpful and encouraging comments on earlier drafts.
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Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
Phone: +44 (0)1782 584581
Fax: +44 (0)1782 717577
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Web page: http://www.keele.ac.uk/depts/ec/cer/
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Postal: Centre for Economic Research, Research Institute for Public Policy and Management, Keele University, Staffordshire ST5 5BG - United Kingdom
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Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm

Related research

Keywords: Production externalities; non-cooperative games;

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Cited by:
  1. Cornes, Richard & Hartley, Roger, 2012. "Fully aggregative games," Economics Letters, Elsevier, vol. 116(3), pages 631-633.
  2. Alex Dickson & Roger Hartley, 2007. "The strategic Marshallian cross," Keele Economics Research Papers KERP 2007/13, Centre for Economic Research, Keele University.

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