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Expectations and Stability in Oligopoly Models

  • Book
  • © 1976

Overview

Authors:
  1. Koji Okuguchi

    1. Department of Economics, Tokyo Metropolitan University, Meguro-ku, Tokyo, Japan

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Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 138)

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Table of contents (10 chapters)

  1. Front Matter

    Pages I-VI
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  2. Introduction

    • Koji Okuguchi
    Pages 1-3

  3. Existence and Stability of the Cournot Oligopoly Solution(or Equilibrium)

    • Koji Okuguchi
    Pages 4-26

  4. Uniqueness of the Cournot Oligopoly Solution

    • Koji Okuguchi
    Pages 27-31

  5. Entry in the Cournot Model: Quasi-Competitiveness vs Perfect Competition

    • Koji Okuguchi
    Pages 32-38

  6. Revenue Maximizing Duopoly

    • Koji Okuguchi
    Pages 39-45

  7. Stackelberg Duopoly Models Reconsidered

    • Koji Okuguchi
    Pages 46-55

  8. Extrapolative Expectations and Stability of Oligopoly Equilibrium

    • Koji Okuguchi
    Pages 56-65

  9. Adaptive Expectations and Stability of Oligopoly Equilibrium

    • Koji Okuguchi
    Pages 66-81

  10. Unknown Demand Function and Stability

    • Koji Okuguchi
    Pages 82-88

  11. Probability Models

    • Koji Okuguchi
    Pages 89-98

  12. Back Matter

    Pages 99-106
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Keywords

About this book

Ever since A.C.Cournot(1838), economists have been increasingly interested in oligopoly, a state of industry where firms producing homogeneous goods or close substitutes are limited in number. The fewness of firms in oligopoly gives rise to interdependence which they have to take into account in choosing their optimal output or pricing policies in each production period. Since each firm's profit is a function of all firms' outputs in an oligopoly without product differยญ entiation, each firm in choosing its optimal output in any period has to know beforehand all other rival firms' outputs in the same period. As this is in general impossible, it has to form some kind of expectaยญ tion on other firms' most likely outputs. Cournot thought that in each period each firm assumed that all its rivals' outputs would remain at the same level as in the preceding period. Needless to say, the Cournot assumption is too naive to be realistically supported. However, the Cournot profit maximizing oligopoly model characterized by this assumption has many important and attractive properties from the viewยญ point of economic theory and provides a frame of reference for more realistic theories of oligopoly. In Chapters 1-3, we shall be engaged in analyzing the Cournot oligopoly model in greater detail from the viewpoints of existence, stability, uniqueness and quasi-competitiveยญ ness of the equilibrium.

Authors and Affiliations

  • Department of Economics, Tokyo Metropolitan University, Meguro-ku, Tokyo, Japan

    Koji Okuguchi

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