General Equilibrium with Imperfect Competition
The objective of a firm is not well-defined if firms have market power. We present an example of Cournot-Walras competition in order to shed light on this problem and to motivate the concept of real wealth maximization that B. Grodal and E. Dierker have proposed asthe firm's objective. (JEL: D21, D42, D43, L13, L21) (c) 2006 by the European Economic Association.
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Volume (Year): 4 (2006)
Issue (Month): 2-3 (04-05)
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