STABILITY AND INSTABILITY OF THE COUCRNOT EQUILIBRIUM *
Conditions for the Cournot equilibrium to be locally asymptotically stable or unstable are explored, which are still compatible with the second-order condition for the optimum. The Cournot equilibrium may not be stable even if the condition owing to Fisher (1961), Hahn (1962), and Okuguchi (1964, 1976, 1999) is satisfied, which was given as a sufficient condition for the Cournot equilibrium to be stable. However, as long as a game by symmetric players is concerned, the Cournot equilibrium is unstable whenever F-H-O condition is not satisfied. In this sense, that F-H-O condition is not satisfied is sufficient for the Cournot equilibrium to be unstable. Copyright 2008 The Author. Journal compilation 2008 Blackwell Publishing Ltd/University of Adelaide and Flinders University.
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