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Noncooperative oligopoly in markets with a continuum of traders

By Francesca Busetto, Giulio Codognato and Sayantan Ghosal

Abstract

In this paper, we study three prototypical models of noncooperative oligopoly in markets with a continuum of traders : the model of Cournot-Walras equilibrium of Codognato and Gabszewicz (1991), the model of Cournot-Nash equilibrium of Lloyd S. Shapley, and the model of Cournot-Walras equilibrium of Busetto et al. (2008). We argue that these models are all distinct and only the Shapley's model with a continuum of traders and atoms gives an endogenous explanation of the perfectly and imperfectly competitive behavior of agents in a one-stage setting. For this model, we prove a theorem of existence of a Cournot-Nash equilibrium

Topics: HD
Publisher: University of Warwick, Department of Economics
Year: 2008
OAI identifier: oai:wrap.warwick.ac.uk:1350

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