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Cournot competition under uncertainty. Conservative and optimistic equilibria

Opened Access Cournot competition under uncertainty. Conservative and optimistic equilibria

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Autor: Caraballo, M. Ángeles
Mármol Conde, Amparo María
Monroy Berjillos, Luisa
Buitrago Esquinas, Eva María
Departamento: Universidad de Sevilla. Departamento de Economía e Historia Económica
Universidad de Sevilla. Departamento de Economía Aplicada III
Fecha: 2015
Publicado en: Review of Economic Design, 19 (2), 145-165.
Tipo de documento: Artículo
Resumen: In this paper we analyze competition between firms with uncertain demand functions. A duopoly model is considered in which two identical firms producing homogeneous commodities compete in quantities. They face uncertain market demand in a context in which two different future scenarios are possible, and no information about the probability distribution of occurrence of the scenarios is available. This decision-making situation is formalized as a normal-form game with vector-valued utility functions for which the notion of Pareto equilibrium is adopted as a natural extension of that of Cournot equilibrium. Under standard assumptions about the demand functions, we characterize the complete set of Pareto equilibria. In the second part of the paper, we analyse the equilibria to which the agents will arrive depending on their attitude to risk. We find that equilibria always exist if both agents are simultaneously pessimistic or optimistic. In the non-trivial cases, for pessimistic firms, i...
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Cita: Caraballo, M.Á., Mármol Conde, A.M., Monroy Berjillos, L. y Buitrago Esquinas, E.M. (2015). Cournot competition under uncertainty. Conservative and optimistic equilibria. Review of Economic Design, 19 (2), 145-165.
Tamaño: 513.0Kb
Formato: PDF

URI: https://hdl.handle.net/11441/70969

DOI: 10.1007/s10058-015-0171-z

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