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On the (non) existence of a price equilibrium in delegation games with relative performance compensation
Kopel, Michael; Lambertini, Luca - 2012
We show that Miller and Pazgal.s (2001) model of strategic delegation, in which managerial incentives are based upon relative performance, is affected by a non-existence problem which has impact on the price equilibrium. The undercutting incentives generating this result are indeed similar to...
Persistent link: https://www.econbiz.de/10011734216
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Reconciling Cournot and Bertrand outcomes : a review
Kirui, Kipyegon Benard - 2013 - April 2013, first draft
) ignored the quantity? From the review, the main conclusion of this paper is that oligopoly competition is guided in the long …
Persistent link: https://www.econbiz.de/10010380785
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Endougenous Timing in a Mixed Duopoly
Amir, Rabah; De Feo, Giuseppe - 2012
This paper applies the framework of endogenous timing in games to mixed quantity duopoly, wherein a private domestic or …-perfect equilibrium of the extended game, in sharp contrast to private duopoly games. We provide sufficient conditions for the emergence …
Persistent link: https://www.econbiz.de/10010343823
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Regulating environmental externalities through public firms : a differential game
Dragone, Davide; Lambertini, Luca; Palestini, Arsen - 2011
We investigate the possibility of using public firms to regulate polluting emissions in a Cournot oligopoly where …
Persistent link: https://www.econbiz.de/10011737230
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Finding all pure-strategy equilibria in games with continuous strategies
Judd, Kenneth L.; Renner, Philipp; Schmedders, Karl - In: Quantitative economics : QE ; journal of the … 3 (2012) 2, pp. 289-331
Static and dynamic games are important tools for the analysis of strategic interactions among economic agents and have found many applications in economics. In many games, equilibria can be described as solutions of polynomial equations. In this paper, we describe state-of-the-art techniques for...
Persistent link: https://www.econbiz.de/10011756833
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A Note on the Nash Equilibrium in Winner-take-all Bertrand Game
Li, Xinmi; Zheng, Jie - 2022
In this paper, we fully characterize the Nash Equilibrium in the winner-take-all Bertrand Game, showing that a mixed strategy profile is a Nash Equilibrium, if and only if it is a zero operating profit one, and there exist at least two players whose bids are all unprofitable. Compared with...
Persistent link: https://www.econbiz.de/10014080623
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A Note on Evolutionary Stability of Bertrand Equilibrium
Hehenkamp, Burkhard; Leininger, Wolfgang - 1999
It is shown that the equilibrium notion of an evolutionary stable strategy (ESS) does have predictive power for standard models of Bertrand competition. This is in contrast to a recent claim by Qin and Stuart (1997). The claim is based on the observation that the solution concept ESS behaves...
Persistent link: https://www.econbiz.de/10014184323
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Cournot games with biconcave demand
Ewerhart, Christian - 2014 - Revised version, January 2014
Biconcavity is a simple condition on inverse demand that corresponds to the ordinary concept of concavity after simultaneous parameterized transformations of price and quantity. The notion is employed here in the framework of the homogeneous-good Cournot model with potentially heterogeneous...
Persistent link: https://www.econbiz.de/10010354642
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Evolutionary stability in asymmetric oligopoly : a non-Walrasian result
Leininger, Wolfgang; Moghadam, Hamed M. - 2014
It is a very well-known result that in terms of evolutionary stability the long-run outcome of a Cournot oligopoly …. Contrary to Tanaka (1999) we show that the evolutionarily stable price in an asymmetric Cournot oligopoly needs not equal the … order to transform the game with asymmetric firms into a symmetric oligopoly game and then extend Schaffer’s definition …
Persistent link: https://www.econbiz.de/10010399434
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Exploration and Exhaustibility in Dynamic Cournot Games
Ludkovski, Michael - 2011
We study the stochastic effect of resource exploration in dynamic Cournot models of exhaustible resources, such as oil. We first treat the case of a monopolist who may undertake costly exploration to replenish his diminishing reserves. We then consider a stochastic game between such an...
Persistent link: https://www.econbiz.de/10013130312