The Stability of Courtnot Revisited

It is shown that under certain previously neglected conditions, not implausible and consistent with ptofit-maximisation, the Courtnot oligopoly solution is unstable : a saddle poinu Rn whose unstable manifold has dimension one, a line, and is contained in (Rn++URn__UO). That is, output-deviations from equilibrium are (or become) all pf the same sign : boom or collapse for the whole industry.

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Year of publication:	1977
Authors:	Seade, Jesus
Institutions:	Department of Economics, University of Warwick

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Series:	The Warwick Economics Research Paper Series (TWERPS).
Type of publication:	Book / Working Paper
Notes:	19 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004999420