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Title
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Conjectural variations in models of the oligopoly.
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Creator
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Brown, Roger Joseph Jr., Florida Atlantic University, Hung, Chao-shun, College of Business, Department of Economics
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Abstract/Description
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This thesis reviews the contemporary work in the area of the role of conjectural variations on the equilibrium price and quantity, in models of the oligopolistic industry. Industry is shown to be capable of producing from the competitive output, to the monopolistic, depending on the conjectural variations of the industry members. Furthermore, it is shown that the results are independent of the number of firms within the industry, as opposed to the classic Cournot model of the oligopoly....
Show moreThis thesis reviews the contemporary work in the area of the role of conjectural variations on the equilibrium price and quantity, in models of the oligopolistic industry. Industry is shown to be capable of producing from the competitive output, to the monopolistic, depending on the conjectural variations of the industry members. Furthermore, it is shown that the results are independent of the number of firms within the industry, as opposed to the classic Cournot model of the oligopoly. Additionally, the notion of consistency of conjectures is reviewed, that is when firms' conjectures regarding their rivals are correct. The imposed requirement of consistency of conjectures is shown to result in a unique price-quantity solution. This latter unique solution is further investigated, by incorporating simple transport costs into the oligopoly model.
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Date Issued
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1988
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PURL
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http://purl.flvc.org/fcla/dt/14458
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Subject Headings
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Oligopolies
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Format
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Document (PDF)
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Title
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Essential of Cournot oligopoly model.
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Creator
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Mahzabeen, Ishrat., Florida Atlantic University, Hung, Chao-shun, College of Business, Department of Economics
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Abstract/Description
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This thesis examines as well as compares four essential issues of the Cournot oligopoly model--existence, uniqueness, and stability of the equilibrium solution, and the competitive property of the model. A Cournot equilibrium solution exists for the market when the marginal revenue of each firm declines due to an output expansion by all other firms. The existing Cournot solution is unique when a non-zero Jacobian determinant of the marginal profit functions exist. The equilibrium solution is...
Show moreThis thesis examines as well as compares four essential issues of the Cournot oligopoly model--existence, uniqueness, and stability of the equilibrium solution, and the competitive property of the model. A Cournot equilibrium solution exists for the market when the marginal revenue of each firm declines due to an output expansion by all other firms. The existing Cournot solution is unique when a non-zero Jacobian determinant of the marginal profit functions exist. The equilibrium solution is stable when two conditions are simultaneously satisfied: (i) each firm's marginal cost does not fall faster than the market demand curve, and (ii) on the aggregate the marginal profit of the firms decreases as all the firms expand their outputs. The existence, uniqueness, and stability are necessary properties for the Cournot equilibrium solution to become quasi-competitive. However, the Cournot solution will converge towards the competitive solution only in absence of economies of scale. These results have an important policy implication that, allowing entry into an oligopolistic market will improve the market performance.
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Date Issued
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1993
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PURL
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http://purl.flvc.org/fcla/dt/14979
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Subject Headings
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Cournot, A A--(Antoine Augustin),--1801-1877--Researches into the mathematical principles of the theory of wealth, Economics--Mathematical models, Oligopolies
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Format
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Document (PDF)