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On a foundation for Cournot equilibrium

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Author Info
Alex Dickson () (Keele University, Centre for Economic Research and School of Economic and Management Studies)
Roger Hartley (Department of Economics, University of Manchester)

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Abstract

We show in the context of a bilateral oligopoly where all agents are allowed to behave strategically the unexpected result that when the number of buyers becomes large the outcomes in a strategic market game do not converge to those at the Cournot equilibrium. However, convergence to Cournot outcomes is restored if the game is sequential: sellers move simultaneously as do buyers, but the former always move before the latter. This suggests that the ability to commit to supply decisions is an essential feature of Cournot equilibrium.

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File URL: http://www.keele.ac.uk/depts/ec/wpapers/kerp0713.pdf
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Publisher Info
Paper provided by Centre for Economic Research, Keele University in its series Keele Economics Research Papers with number KERP 2007/14.

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Length: 42 pages
Date of creation: Oct 2007
Date of revision:
Handle: RePEc:kee:kerpuk:2007/14

Note: Previously University of Manchester EDP 0638.
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Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
Phone: +44 (0)1782 584581
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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

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Related research
Keywords: Cournot competition strategic market game strategic foundation.

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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This page was last updated on 2008-7-20.

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