Imperfect Competition and Fixprice Equilibria When Goods Are Gross Substitutes
It is possible, in principle, that the price-quantity pair generated by a model of imperfect competition may satisfy the conditions (voluntary trading and absence of frictions) for a fixprice equilibrium. It is shown that imperfect competitors will typically satisfy voluntary trading provided that appropriate gross substitute assumptions are satisfied. Hence, such assumptions are seen to ensure that the solutions of some well-known imperfectly competitive general equilibrium models are indeed fixprice equilibria, thus bringing together two important traditions in theoretical microeconomics. Copyright 1991 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 93 (1991)
Issue (Month): 4 ()
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