Multiplicity of Cournot equilibria and involuntary unemployment
Article Abstract:
Overlapping generations models with Cournot competition demonstrated the presence of a continuum of equilibria having pas the number of firms nears infinity, all the equilibria decrease to a small interval approximating to the full employment allocation. The multiplicity of these firms is caused partially by the different forecast functions that are conforming with perfect foresight but lead to dissimilar demand functions against which oligopolist want to make the most out of it.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1998
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Strategic market games with exchange rates
Article Abstract:
A model is developed to evaluate the use of strategic market games in studying price formation and redistribution of goods under exchange economy conditions. The model assumes that the number of goods is equal to the number of markets, signals in quantities are real and signals in money are not constrained. An economic system is developed wherein commodity money does not exist and fiat money use does not assume the possibility of debt.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1996
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