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Market Price Mechanisms and Stackelberg General Equilibria

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  • Ludovic A. Julien
  • Fabrice Tricou

Abstract

This paper considers Stackelberg competition in a general equilibrium framework with production. The working of market power and the confi…gurations of strategic interactions are complexi…ed by the presence of an active leader. Two market price mechanisms are here studied: one is associated with the Stackelberg-Walras equilibrium, the other is linked to the Stackelberg-Cournot equilibrium. In the context of an exchange economy with a production sector, several results are obtained about equilibria mergings and about welfare comparisons.

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  • Ludovic A. Julien & Fabrice Tricou, 2008. "Market Price Mechanisms and Stackelberg General Equilibria," EconomiX Working Papers 2008-29, University of Paris Nanterre, EconomiX.
  • Handle: RePEc:drm:wpaper:2008-29
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    File URL: http://economix.fr/pdf/dt/2008/WP_EcoX_2008-29.pdf
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    1. Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June.
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    4. Amir, Rabah & Sahi, Siddharta & Shubik, Martin & Yao, Shuntian, 1990. "A strategic market game with complete markets," Journal of Economic Theory, Elsevier, vol. 51(1), pages 126-143, June.
    5. Codognato, Giulio & Gabszewicz, Jean J, 1993. "Cournot-Walras Equilibria in Markets with a Continuum of Traders," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(3), pages 453-464, July.
    6. Gabszewicz, J. & Michel, P., 1992. "Oligopoly Equilibria in Exchange Economies," Papiers d'Economie Mathématique et Applications 92.26, Université Panthéon-Sorbonne (Paris 1).
    7. Cordella, Tito & Gabszewicz, Jean J., 1998. ""Nice" Trivial Equilibria in Strategic Market Games," Games and Economic Behavior, Elsevier, vol. 22(1), pages 162-169, January.
    8. Amir, Rabah & Grilo, Isabel, 1999. "Stackelberg versus Cournot Equilibrium," Games and Economic Behavior, Elsevier, vol. 26(1), pages 1-21, January.
    9. Ludovic A. Julien & Fabrice Tricou, 2010. "Oligopoly Equilibria “à la Stackelberg” in Pure Exchange Economies," Recherches économiques de Louvain, De Boeck Université, vol. 76(2), pages 175-194.
    10. Xavier Vives, 2001. "Oligopoly Pricing: Old Ideas and New Tools," MIT Press Books, The MIT Press, edition 1, volume 1, number 026272040x, January.
    11. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-968, October.
    12. Giraud, Gael, 2003. "Strategic market games: an introduction," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 355-375, July.
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