The Stability of Courtnot Revisited
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.
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|Date of creation:||1977|
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