English, Article, Journal or magazine article edition: Bertrand-Edgeworth equilibrium with a large number of firms Prabal Roy Chowdhury

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Bookmark: http://trove.nla.gov.au/version/5028
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Bertrand-Edgeworth equilibrium with a large number of firms
Author
  • Prabal Roy Chowdhury
Physical Description
  • preprint
Notes
  • We examine a model of price competition where the firms simultaneously decide on both price and quantity, and are free to supply less than the quantity demanded. We demonstrate that if the tie-breaking rule is `non-manipulable', then, for a large class of rationing rules, there is a unique equilibrium in pure strategies whenever the number of firms is large enough. We then show that the `folk theorem' of perfect competition holds. Finally, we examine if the results go through when the firms are asymmetric, or produce to order.
  • Bertrand equilibrium, pure strategy, non-manipulable tiebreaking rule
  • RePEc:ind:isipdp:04-12
Language
  • English
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