On the endogeneity of Cournot-Nash and Stackelberg equilibria: games of accumulation
نویسندگان
چکیده
We characterize equilibria of games with two properties: (i) Agents have the opportunity to adjust their strategic variable after their initial choices and before payoffs occur; but (ii) they can only add to their initial amounts. The equilibrium set consists of just the Cournot–Nash outcome, one or both Stackelberg outcomes, or a continuum of points including the Cournot– Nash outcome and one or both Stackelberg outcomes. A simple theorem that uses agents’ standard one-period reaction functions and the one-period Cournot–Nash and Stackelberg equilibria delineates the equilibrium set. Applications include contribution, oligopoly, and rent-seeking games. r 2003 Elsevier Inc. All rights reserved. JEL classification: C72; C73; L13; H41
منابع مشابه
On the Endogeneity of Cournot - Nash and Stackelberg Equilibria : Games of Accumulation * RUNNING TITLE : Games of Accumulation
We characterize equilibria of games with two properties: (i) Agents have the opportunity to adjust their strategic variable after their initial choices and before payoffs occur; but (ii) they can only add to their initial amounts. The equilibrium set consists of just the Cournot-Nash outcome, one or both Stackelberg outcomes, or a continuum of points including the Cournot-Nash outcome and one o...
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ورودعنوان ژورنال:
- J. Economic Theory
دوره 120 شماره
صفحات -
تاریخ انتشار 2005