By Tönu Puu
The e-book focuses classical oligopoly idea as built in 1840-1940. by way of the top of this era oligopoly got here below the spell of video game idea in its probabilistic equilibrium layout. paintings by way of Cournot, von Stackelberg, Palander, and Hotelling, causal and dynamic in essence, yet overlooked, is reconsidered within the mild of recent dynamics utilizing topology and numerics. As specific positive factors, von Stackelberg management is incorporated within the dynamic Cournot version, the Hotelling challenge is solved with elastic call for, hence skipping the absurd suggestion of quadratic transportation bills. extra, it truly is proven that the prestigious destabilisation of Cournot equilibrium below elevated festival is because of mistakenly assuming consistent returns, and that the total notion of rational expectancies is untenable in dynamic oligopoly. Early unique rules in oligopoly thought, equivalent to coexistence and multiplicity of attractors are centred back after many undeserved many years of oblivion.
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Extra resources for Oligopoly: Old Ends - New Means
A fixed point, of course, is a periodic point – of all periodicities. But this simple proof shows that a periodic point which is not a fixed point cannot be learned, adapted to, and yet result in a periodic orbit of the assumed period, unless it is a fixed point. For the reader who is very fond of the idea of rational expectations, we can add a different argument. Suppose the dynamic system produces an orbit of, say, period 3. This means that the system eventually visits three points here called A, B, C over and over.
Example 2: Isoelastic Demand Also for the second example it is possible to obtain the closed form expressions for the Cournot point coordinates and the rest of the results just discussed. 19) of the reaction functions, qi = Adding Qi to both sides, Qi − Qi . 37) or, taking squares, is obtained. 40) denotes average unit cost. 41) and, consequently, FG H IJ b g b g K b g 2 n n − 1 c − n − 1 ci n −1 1 n − 1 ci qi = 1− = 2 . 42) 28 2 Cournot Oligopoly Several facts are worth being noted. As indicated in the introduction, the model is not suitable for discussing monopoly.
Konkurrens och marknadsjämvikt vid duopol och oligopol. Ekonomisk Tidskrift, 41, 124–145, 222–250. Puu, T. (1991, 2004). Chaos in duopoly pricing. Chaos, Solitons & Fractals, 1, 573–581, republished in: J. B. ), Complexity in Economics: The International Library of Critical Writings in Economics, Vol. 174. Cheltenhan Edward Elgar. Puu, T. (2008). Rational expectations and the Cournot-Theocharis problem, Discrete Dynamics in Nature and Society ID, 32103, 1–11. , & Panchuk, A. (2009). Oligopoly and stability.