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Farsighted Stability in Duopoly Markets with Product Differentiation

In: ICM Millennium Lectures on Games

Author

Listed:
  • Takeshi Masuda

    (Tokyo Metropolitan University, Faculty of Economics)

  • Shigeo Muto

    (Tokyo Institute of Technology, Graduate School of Decision Making and Technology, Department of Value and Decision Science)

Abstract

Summary Farsighted stability as proposed by Harsanyi and Chwe is examined in duopoly markets with product differentiation. Irrespective of competition style(Cournot or Bertrand) or irrespective of properties of goods(substitutes or complements) the von Neumann-Morgenstern farsighted stable set gives a Pareto efficient and individually rational outcome. Moreover, the largest consistent set due to Chwe consists of all individually rational outcomes.

Suggested Citation

  • Takeshi Masuda & Shigeo Muto, 2003. "Farsighted Stability in Duopoly Markets with Product Differentiation," Springer Books, in: Leon A. Petrosyan & David W. K. Yeung (ed.), ICM Millennium Lectures on Games, pages 305-318, Springer.
    • Handle: RePEc:spr:sprchp:978-3-662-05219-8_19
    DOI: 10.1007/978-3-662-05219-8_19
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