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Intertemporal Cournot and Walras equilibrium: An illustration

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  • Tito Cordella
  • Manjira Datta

Abstract

In an intertemporal general equilibrium framework, we compare a Cournot equilibrium to the Walras equilibrium. The Cournot agents trade and invest less than the Walras agents. This generates an ineffciency which does not vanish as the number of Cournot agents tends to infinity. A larger number of strategic Cournot agents implies that the amount of trade (relative to their aggregate consumption) increases (i.e., moving towards the Walrasian amount), but their investment (relative to the stock) decreases (i.e., moving away from the Walrasian amount).
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Suggested Citation

  • Tito Cordella & Manjira Datta, 1995. "Intertemporal Cournot and Walras equilibrium: An illustration," Economics Working Papers 125, Department of Economics and Business, Universitat Pompeu Fabra.
  • Handle: RePEc:upf:upfgen:125
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    Cited by:

    1. Datta, Manjira & Mirman, Leonard J, 2000. "Dynamic Externalities and Policy Coordination," Review of International Economics, Wiley Blackwell, vol. 8(1), pages 44-59, February.
    2. Eleni Dalla & Christos Karpetis & Erotokritos Varelas, 2014. "Monetary Policy Implications on Banking Conduct and Bank Clients’ Behavior," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(4), pages 427-440, December.
    3. Julien, Ludovic A., 2011. "Unemployment equilibrium and economic policy in mixed markets," Economic Modelling, Elsevier, vol. 28(4), pages 1931-1940, July.
    4. Gerhard Sorger, 1996. "Imperfect competition and capital accumulation: the role of price normalization," Journal of Economics, Springer, vol. 63(3), pages 279-302, October.
    5. Polemarchakis, Herakles M. & Ray, Indrajit, 2006. "Sunspots, correlation and competition," Games and Economic Behavior, Elsevier, vol. 56(1), pages 174-184, July.
    6. Datta, Manjira, 1997. "Externalities and Price Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(3), pages 587-603, August.

    More about this item

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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