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Intertemporal Cournot and Walras equilibrium: An illustration

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  • Tito Cordella
  • Manjira Datta

Abstract

In an intertemporal general equilibrium framework, we compare a Cournot equilibrium to the Walras equilibrium. The Cournot agents trade and invest less than the Walras agents. This generates an ineffciency which does not vanish as the number of Cournot agents tends to infinity. A larger number of strategic Cournot agents implies that the amount of trade (relative to their aggregate consumption) increases (i.e., moving towards the Walrasian amount), but their investment (relative to the stock) decreases (i.e., moving away from the Walrasian amount).

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Bibliographic Info

Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 125.

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Date of creation: Jul 1995
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Handle: RePEc:upf:upfgen:125

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Web page: http://www.econ.upf.edu/

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Cited by:
  1. Polemarchakis, Herakles M. & Ray, Indrajit, 2006. "Sunspots, correlation and competition," Games and Economic Behavior, Elsevier, vol. 56(1), pages 174-184, July.
  2. Leonard J. Mirman & Manjira Datta, 1996. "Dynamic Externalities and Policy Coordination," CRIEFF Discussion Papers 9608, Centre for Research into Industry, Enterprise, Finance and the Firm.
  3. Manjira Datta, . "Externalities and Price Dynamics," Working Papers 9710, Arizona State University, Department of Economics.
  4. Ludovic A. JULIEN, 2009. "Unemployment equilibrium and economic policy in mixed markets," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2009030, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  5. Gerhard SORGER, 1995. "Imperfect Competition and Capital Accumulation: The Role of Price Normalization," Vienna Economics Papers vie9506, University of Vienna, Department of Economics.

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