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Optimal Resource Allocation in General Cournot-competitive Equilibrium

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  • Ervik, Inger Sommerfelt

    (Department of Economics, University of Bergen and Department of Economics, University of Oxford)

  • Soegaard, Christian

    (Department of Economics, University of Warwick)

Abstract

Conventional economic theory stipulates that output in Cournot competition is too low relative to that which is attained in perfect competition. We revisit this result in a General Cournot-competitive Equilibrium model with two industries that differ only in terms of productivity. We show that in general equilibrium, the more efficient industry produces too little and the less efficient industry produces too much compared to an optimal scenario with perfect competition. JEL classification: Cournot oligopoly ; GOLE (General Oligopolistic Equilibrium) ; industrial policy. JEL codes: D50 ; H21 ; L13

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Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 1010.

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Date of creation: 2013
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Handle: RePEc:wrk:warwec:1010

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  1. Dixit, Avinash K. & Grossman, Gene M., 1986. "Targeted export promotion with several oligopolistic industries," Journal of International Economics, Elsevier, vol. 21(3-4), pages 233-249, November.
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