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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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Find related papers by JEL classification:

• C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
• C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
• D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
• D90 - Microeconomics - - Intertemporal Choice and Growth - - - General

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Cited by:

1. Manjira Datta & Leonard J. Mirman, . "Dynamic Externalities and Policy Coordination," Working Papers 97/11, Arizona State University, Department of Economics.
   
   • Datta, Manjira & Mirman, Leonard J, 2000. "Dynamic Externalities and Policy Coordination," Review of International Economics, Wiley Blackwell, vol. 8(1), pages 44-59, February.
   • 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.
   • Manjira Datta & Leonard Mirman, . "Dynamic Externalities and Policy Coordination," Working Papers 2132841, Department of Economics, W. P. Carey School of Business, Arizona State University.
2. Gerhard SORGER, 1995. "Imperfect Competition and Capital Accumulation: The Role of Price Normalization," Vienna Economics Papers vie9506, University of Vienna, Department of Economics.
   
   • Gerhard Sorger, 1996. "Imperfect competition and capital accumulation: the role of price normalization," Journal of Economics, Springer, vol. 63(3), pages 279-302, October.
3. Julien, Ludovic A., 2011. "Unemployment equilibrium and economic policy in mixed markets," Economic Modelling, Elsevier, vol. 28(4), pages 1931-1940, July.
   
   • 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).
4. Indrajit Ray & Herakles Polemarchakis, 2004. "Sunspots, Correlation And Competition," Royal Economic Society Annual Conference 2004 89, Royal Economic Society.
   
   • Polemarchakis, Herakles M. & Ray, Indrajit, 2006. "Sunspots, correlation and competition," Games and Economic Behavior, Elsevier, vol. 56(1), pages 174-184, July.
5. DATTA, Manjira, 1994. "Externalities and Price Dynamics," CORE Discussion Papers 1994006, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
   
   • Datta, Manjira, 1997. "Externalities and Price Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 587-603, August.
   • Manjira Datta, . "Externalities and Price Dynamics," Working Papers 9710, Arizona State University, Department of Economics.

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