Ever since A.C.Cournot(1838), economists have been increasingly interested in oligopoly, a state of industry where firms producing homogeneous goods or close substitutes are limited in number. The fewness of firms in oligopoly gives rise to interdependence which they have to take into account in choosing their optimal output or pricing policies in each production period. Since each firm's profit is a function of all firms' outputs in an oligopoly without product differ- entiation, each firm in choosing its optimal output in ...
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Ever since A.C.Cournot(1838), economists have been increasingly interested in oligopoly, a state of industry where firms producing homogeneous goods or close substitutes are limited in number. The fewness of firms in oligopoly gives rise to interdependence which they have to take into account in choosing their optimal output or pricing policies in each production period. Since each firm's profit is a function of all firms' outputs in an oligopoly without product differ- entiation, each firm in choosing its optimal output in any period has to know beforehand all other rival firms' outputs in the same period. As this is in general impossible, it has to form some kind of expecta- tion on other firms' most likely outputs. Cournot thought that in each period each firm assumed that all its rivals' outputs would remain at the same level as in the preceding period. Needless to say, the Cournot assumption is too naive to be realistically supported. However, the Cournot profit maximizing oligopoly model characterized by this assumption has many important and attractive properties from the view- point of economic theory and provides a frame of reference for more realistic theories of oligopoly. In Chapters 1-3, we shall be engaged in analyzing the Cournot oligopoly model in greater detail from the viewpoints of existence, stability, uniqueness and quasi-competitive- ness of the equilibrium.
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Add this copy of Expectations and Stability in Oligopoly Models to cart. $30.00, very good condition, Sold by Rain Dog Books rated 3.0 out of 5 stars, ships from Bloomington, IL, UNITED STATES, published 1976 by Springer-Verlag.
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This is an ex-library book and may have the usual library/used-book markings inside. This book has soft covers. In fair condition, suitable as a study copy. Please note the Image in this listing is a stock photo and may not match the covers of the actual item, 300grams, ISBN: 3540080562.
Add this copy of Expectations and Stability in Oligopoly Models (Lecture to cart. $67.47, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 1976 by Springer-Verlag.
