infinity. In the limit, a range of outcomes stretching from Cournot via Stackelberg to Bertrand can result in equilibrium, i …-stage game, the set of outcomes is a quasi-hyperrectangle including Cournot, Allaz-Vila, and all two-stage Stackelberg outcomes …. In general, it consists of T-1 such hyperrectangles where the lower bound approaches the Bertrand outcome as T tends to …

both cases, the limiting outcomes are strictly between Cournot and Bertrand. This shows that competitive futures markets …If Cournot oligopolists may sell their output prior to its production (forward trading), competition intensifies …. Potentially, it may intensify so far as to imply convergence to the Bertrand equilibrium, as shown by Allaz and Vila (1993) for …