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| Author: | De Wolf, D. Smeers, Y. |
| Title: | A stochastic version of a Stackelberg-Nash-Cournot equilibrium model |
| Journal: | Management Science
1997 : FEB, VOL. 43:2, p. 190-197 |
| Index terms: | STOCHASTIC PROCESSES MODELS UNCERTAINTY GAS INDUSTRY MARKETS |
| Language: | eng |
| Abstract: | This paper considers a stochastic version of Stackelberg- Nash-Cournot model by Murphy et al. (1983). The leader chooses and announces his production level taking into account the reaction of the followers, in the first stage. The decision of the leader is taken when market demand is uncertain. The followers, knowing the leader's output react to this level according to the Cournot assumption, in the second stage. Demand is known at this state. The extension of the Murphy et al. model is studied here, and a numerical illustration of the model is given using the European gas market. |
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