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Spatial competition and equilibrium in a circular market

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  • Kopp, Andreas
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    Abstract

    The paper presents an analysis of spatial competition between two firms in a circular market. It is shown that the existence problem of a Bertrand-Nash- Equilibrium exists for the circular market in the same way as for the linear and bounded market. This is demonstrated by directly studying the reaction functions of the competing producers and without referring to merely technical fixed point arguments. The existence problem is solved by adding a move structure to the game, regarding market entry as sequential and taking place in historical time.

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    File URL: http://econstor.eu/bitstream/10419/47093/1/25712618X.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 609.

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    Date of creation: 1993
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    Handle: RePEc:kie:kieliw:609

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    1. Neven, Damien, 1985. "Two Stage (Perfect) Equilibrium in Hotelling's Model," Journal of Industrial Economics, Wiley Blackwell, vol. 33(3), pages 317-25, March.
    2. Rothschild, R, 1976. "A Note on the Effect of Sequential Entry on Choice of Location," Journal of Industrial Economics, Wiley Blackwell, vol. 24(4), pages 313-20, June.
    3. d'ASPREMONT, Claude & GABSZEWICZ, Jean J. & THISSE, Jacques-François, . "On Hotelling's "Stability in competition"," CORE Discussion Papers RP -385, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    4. Eaton, B Curtis & Lipsey, Richard G, 1978. "Freedom of Entry and the Existence of Pure Profit," Economic Journal, Royal Economic Society, vol. 88(351), pages 455-69, September.
    5. Hay, D A, 1976. "Sequential Entry and Entry-Deterring Strategies in Spatial Competition," Oxford Economic Papers, Oxford University Press, vol. 28(2), pages 240-57, July.
    6. Novshek, William, 1980. "Equilibrium in simple spatial (or differentiated product) models," Journal of Economic Theory, Elsevier, vol. 22(2), pages 313-326, April.
    7. Martin J Osborne & Carolyn Pitchik, 1985. "Equilibrium in Hotelling's Model of Spatial Competition," Department of Economics Working Papers 1985-02, McMaster University.
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