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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 …
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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...
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In a model that encompasses a general equilibrium framework, we consider a monopolist (a producer) with subjective beliefs that endogenously hedges against fluctuations in input prices in a complete market. We allow for entries and Cournot competition in this economy, and we study how erroneous...
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In Cournot games the strategic variable is output and players maximize profits assuming that the other players keep their outputs fixed. In Bertrand games the strategic variable is price and players assume the other players to keep their prices fixed. In this article I argue that it is not the...
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We study how continuous time Bertrand and Cournot competitions, in which firms producing similar goods compete with one another by setting prices or quantities respectively, can be analyzed as continuum dynamic mean field games.Interactions are of mean field type in the sense that the demand...
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