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| Author: | Amir, R. Grilo, I. |
| Title: | Stackelberg versus Cournot equilibrium |
| Journal: | Games and Economic Behavior
1999 : JAN, VOL. 26:1, p. 1-21 |
| Index terms: | Equilibrium analysis Game theory Models |
| Language: | eng |
| Abstract: | In the paper, Stackelberg's classical critique of the Cournot duopoly is considered in the framework of endogenous timing for two-player games. For quantity duopoly different sets of minimal conditions are provided, directly on the demand and cost functions, yielding respectively the simultaneous and the two sequential modes of play. While the paper's findings essentially confirm the predominance of the former, they also indicate that the latter is natural under some robust but restrictive conditions. No extraneous assumptions (like concavity, existence, or uniqueness of equilibria...) are needed, and the analysis makes crucial use of the basic results from the theory of supermodular games. |
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