منابع مشابه
Bertrand Competition Under Uncertainty
Consider a Bertrand model in which each rm may be inactive with a known probability, so the number of active rms is uncertain. This activity level can be endogenized in any of several ways{ as whether to incur a xed cost of activity, as output choice, or as quality choice. Our model has a mixed-strategy equilibrium, in which industry pro ts are positive and decline with the number of rms, the s...
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We analyze Cournot competition under demand uncertainty. We show that under rather general assumptions, the game has no asymmetric equilibria but multiple symmetric equilibria. Multiplicity is caused by the requirement of nonnegative prices and remains an issue also for simple demand specifications, such as the linear case. We then show that uniqueness of equilibrium is guaranteed if uncertaint...
متن کاملOn Storage Behavior under Imperfect Competition
This paper investigates the economic implications of storage behavior under imperfect competition. It evaluates the economic dynamics implied by a storage firm under alternative market structures. This includes perfect competition as well as imperfect competition under Cournot behavior. The conceptual analysis is used to specify and estimate a model of storage behavior, with an econometric appl...
متن کاملIndeterminacy of intertemporal equilibria under imperfect competition
It is known that overlapping generations models with imperfectly competitive firm may exhibit a continuum of stationary equilibria. The reason of this indeterminacy is that different price expectation functions of consumers lead to different objective demand functions against which firm maximize. All these expectation functions fulfil perfect foresight in the equilibrium, but they can be arbitr...
متن کاملBertrand Competition Under Uncertainty June
Consider a Bertrand model in which each rm may be inactive with a known probability, so the number of active rms is uncertain. This simple model has a mixed-strategy equilibrium in which industry pro ts are positive and decline with the number of rms, the same features which make the Cournot model attractive. Unlike in a Cournot model with similar incomplete information, Bertrand pro ts always ...
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ژورنال
عنوان ژورنال: Journal of Economics and Business
سال: 1989
ISSN: 0148-6195
DOI: 10.1016/0148-6195(89)90023-4