haku: @indexterm EQUILIBRIUM THEORY / yhteensä: 340
viite: 104 / 340
| Tekijä: | Funk, P. |
| Otsikko: | Bertrand and Walras equilibria in large economies |
| Lehti: | Journal of Economic Theory
1995 : DEC, VOL. 67:2, p. 436-466 |
| Asiasana: | ECONOMIC CONDITIONS EQUILIBRIUM THEORY ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | This article studies the approximate Bertrand equilibria of a large but finite economy with free entry for firms and small efficient scales. It establishes the equivalence of the set of regular Walras equilibria of a constant returns to scale limit economy and the set of limits of regular sequences of approximate Bertrand equilibria. This gives a foundation to the Walrasian hypothesis of perfect competition in explaining why firms behave as if they were price-takers and why they set prices that clear markets. |
SCIMA