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Equilibrium Uniqueness in a Cournot Model with Demand Uncertainty (2006)

Lagerlöf, Johan N.M.

Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)

Topics in theoretical economics 6.2006, 1, art19

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ISSN: 1534-598X

Source: Berkeley Electronic Press Academic Journals

Topics: Economics

Notes: If Cournot oligopolists face uncertainty about the intercept of a linear demand function and if the realized market price must be non-negative, then expected demand becomes convex, which can create a multiplicity of equilibria. This note shows that if the distribution of the demand intercept has a monotone hazard rate and if another, rather weak, assumption is satisfied, then uniqueness of equilibrium is guaranteed.

Type of Medium: Electronic Resource

URL: http://www.bepress.com/bejte/topics/vol6/iss1/art19

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