haku: @author Slade, M. / yhteensä: 7
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| Tekijä: | Slade, M. |
| Otsikko: | What does an oligopoly maximize? |
| Lehti: | Journal of Industrial Economics
1994 : MAR, VOL. 42:1, p.45-61 |
| Asiasana: | OLIGOPOLY ECONOMICS OPTIMIZATION |
| Kieli: | eng |
| Tiivistelmä: | A monopolist maximizes a well defined objective function, monetary profit. In a competitive industry, although each individual pursues selfish objectives, the market behaves as if an agent were maximizing an objective function, social welfare. Can we say the same for an oligopoly? Do firms pursuing selfish objectives and behaving strategically act as if an agent were maximizing a "ficticious"-objective function? Necessary and sufficient conditions for Nash equilibria of static and state-space games to be observationally equivalent to single optimization problems are derived. |
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