Consistent conjectural variations equilibria in strategic multilateral exchange
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.
Volume (Year): 29 (2009)
Issue (Month): 1 ()
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- Codognato, Giulio & Gabszewicz, Jean J, 1993.
"Cournot-Walras Equilibria in Markets with a Continuum of Traders,"
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- 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. Full references (including those not matched with items on IDEAS)
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