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The Stability of Courtnot Revisited

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  • Seade, Jesus

Abstract

It is shown that under certain previously neglected conditions, not implausible and consistent with ptofit-maximisation, the Courtnot oligopoly solution is unstable : a saddle poinu Rn whose unstable manifold has dimension one, a line, and is contained in (Rn++URn__UO). That is, output-deviations from equilibrium are (or become) all pf the same sign : boom or collapse for the whole industry.

Suggested Citation

  • Seade, Jesus, 1977. "The Stability of Courtnot Revisited," The Warwick Economics Research Paper Series (TWERPS) 121, University of Warwick, Department of Economics.
  • Handle: RePEc:wrk:warwec:121
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    File URL: https://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/1968-1977/twerp121.pdf
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    1. White, Kenneth J, 1972. "Estimation of the Liquidity Trap with a Generalized Functional Form," Econometrica, Econometric Society, vol. 40(1), pages 193-199, January.
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