Noncooperative equilibrium and Chamberlinian monopolistic competition
Article Abstract:
Firms in equilibrium may earn profits according to the pure-strategies equilibrium, where prices exceed the marginal cost which exists for a nonatomic Bertrand game in a Chamberlinian environment under dispersion of tastes with continuity of the tests density. Oliver Hart's model is reformulated so that uniformity need not be applied to the distribution of the m-tuple of differential commodities that concern consumers, and demand curves are permitted to vary among firms.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1993
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Global instability in experimental general equilibrium: the Scarf example
Article Abstract:
A model of dynamic adjustment in which the standard tatonnement price adjustment process orbits around the competitive equilibrium, is proposed by Scarf. The predictions of ScarfEs model in a non-tatonnement experimental double auction are explored and a weak tendency for prices within a period to follow the path predicted by the model is observed.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2004
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The indeterminacy of equilibrium city formation under monopolistic competition and increasing returns
Article Abstract:
Using the Fujita-Krugman city formation model, the indefiniteness of equilibrium in city-economies with monopolistic competition is analyzed.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2006
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