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Noncooperative oligopoly in markets with a continuum of traders

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Busetto, Francesca, Codognato, Giulio and Ghosal, Sayantan (2008) Noncooperative oligopoly in markets with a continuum of traders. Working Paper. Coventry: University of Warwick, Department of Economics. Warwick economic research papers (Number 866). (Unpublished)

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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.

Item Type: Working or Discussion Paper (Working Paper)
Subjects: H Social Sciences > HD Industries. Land use. Labor
Divisions: Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH): Oligopolies, Competition, Imperfect, Noncooperative games (Mathematics), Stock exchanges
Series Name: Warwick economic research papers
Publisher: University of Warwick, Department of Economics
Place of Publication: Coventry
Official Date: September 2008
Dates:
DateEvent
September 2008Published
Number: Number 866
Number of Pages: 32
Institution: University of Warwick
Status: Not Peer Reviewed
Publication Status: Unpublished
Access rights to Published version: Open Access (Creative Commons)
Version or Related Resource: Published: Busetto, F., et al. (2011). Noncooperative oligopoly in markets with a continuum of traders. Games and Economic Behavior, 72(1), pp. 38-45. http://wrap.warwick.ac.uk/id/eprint/41559
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