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Competitive Approximation of a Cournot Market

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  • John Conlisk

Abstract

Stimulated by the work of Novshek (1980), this paper concerns the accuracy of the competitive approximation to a Cournot market with free entry. Novshek took a static equilibrium approach to the problem. This paper takes a dynamic stochastic approach, one which allows persistent disequilibrium. It is argued that the alternative approach yields similar results with less effort and, in some senses, with greater generality.

Suggested Citation

  • John Conlisk, 1983. "Competitive Approximation of a Cournot Market," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(4), pages 597-607.
    • Handle: RePEc:oup:restud:v:50:y:1983:i:4:p:597-607.
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    File URL: http://hdl.handle.net/10.2307/2297763
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    Cited by:

    1. Cattaneo, Andrea & Robinson, Sherman, 2000. "Empirical models, rules, and optimization," TMD discussion papers 53, International Food Policy Research Institute (IFPRI).
    2. Huang, Weihong, 2003. "A naive but optimal route to Walrasian behavior in oligopolies," Journal of Economic Behavior & Organization, Elsevier, vol. 52(4), pages 553-571, December.
    3. Huang, Weihong, 2008. "The long-run benefits of chaos to oligopolistic firms," Journal of Economic Dynamics and Control, Elsevier, vol. 32(4), pages 1332-1355, April.
    4. John Conlisk, 1996. "Why Bounded Rationality?," Journal of Economic Literature, American Economic Association, vol. 34(2), pages 669-700, June.

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