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Consistent conjectural variations equilibria in strategic multilateral exchange

  • Ludovic JULIEN

    ()

    (EconomiX, Université Paris Ouest-Nanterre La Défense)

In this note, we address the problem of determining which conjectural variations general equilibria are consistent in strategic multilateral exchange. We therefore consider expectations in a simple conjectural general equilibrium model of a pure exchange economy under strategic interactions. Three results are obtained. Firstly, the competitive equilibrium is a locally consistent conjectural general equilibrium. Secondly, the symmetric Cournot oligopoly equilibrium is not a locally consistent conjectural general equilibrium. Thirdly, the symmetric collusive equilibrium is a locally consistent conjectural general equilibrium.

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File URL: http://www.accessecon.com/Pubs/EB/2009/Volume29/EB-09-V29-I1-P48.pdf
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Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 29 (2009)
Issue (Month): 1 ()
Pages: 465-473

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Handle: RePEc:ebl:ecbull:eb-08d40041
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  1. Dixit, Avinash K, 1986. "Comparative Statics for Oligopoly," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 27(1), pages 107-22, February.
  2. Codognato, Giulio & Gabszewicz, Jean J, 1993. "Cournot-Walras Equilibria in Markets with a Continuum of Traders," Economic Theory, Springer, vol. 3(3), pages 453-64, July.
  3. Dockner, Engelbert J, 1992. "A Dynamic Theory of Conjectural Variations," Journal of Industrial Economics, Wiley Blackwell, vol. 40(4), pages 377-95, December.
  4. Bresnahan, Timothy F, 1981. "Duopoly Models with Consistent Conjectures," American Economic Review, American Economic Association, vol. 71(5), pages 934-45, December.
  5. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2008. "Cournot-Walras Equilibrium as a Subgame Perfect Equilibrium," The Warwick Economics Research Paper Series (TWERPS) 837, University of Warwick, Department of Economics.
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