English, Article, Journal or magazine article edition: The Cournot outcome as the result of price competition Pedro Jara-Moroni

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Bookmark: http://trove.nla.gov.au/version/44616
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Cournot outcome as the result of price competition
Author
  • Pedro Jara-Moroni
Physical Description
  • preprint
Notes
  • In a homogeneous product duopoly with concave revenue and convex costs we study a two stage game in which, first, firms engage simultaneously in capacity (production) and, after production levels are made public, there is sequential price competition in the second stage. Randomizing the order of play in the price subgame, we can find: (i) that the Cournot outcome can be sustained as a pure strategy subgame perfect Nash equilibrium (SPNE) of the whole game, (ii) a SPNE in which firms produce strictly more than the Cournot outcome.
  • RePEc:pse:psecon:2007-24
Language
  • English
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