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Trade in bilateral oligopoly with endogenous market formation

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  • Alex Dickson

    ()
    (Department of Economics, University of Strathclyde)

  • Roger Hartley

    ()
    (Department of Economics, University of Manchester)

Abstract

We study a strategic market game in which traders are endowed with both a good and money and can choose whether to buy or sell the good. We derive conditions under which a non-autarkic equilibrium exists and when the only equilibrium is autarky. Autarky is ‘nice’ (robust to small perturbations in the game) when it is the only equilibrium, and ‘very nice’ (robust to large perturbations) when no gains from trade exist. We characterize economies where autarky is nice but not very nice; that is, when gains from trade exist and yet no trade takes place.

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File URL: http://www.strath.ac.uk/media/departments/economics/researchdiscussionpapers/2011/11-04_Final.pdf
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Bibliographic Info

Paper provided by University of Strathclyde Business School, Department of Economics in its series Working Papers with number 1104.

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Length: 20 pages
Date of creation: Feb 2011
Date of revision:
Handle: RePEc:str:wpaper:1104

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Keywords: Bilateral oligopoly; strategic market game; trade.;

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  1. Peck, James & Shell, Karl & Spear, Stephen E., 1992. "The market game: existence and structure of equilibrium," Journal of Mathematical Economics, Elsevier, vol. 21(3), pages 271-299.
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