Limit properties of Bertrand equilibria with exogenous entry

Prabal Roy Chowdhury ()

Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers from Indian Statistical Institute, New Delhi, India

Abstract: For a large class of demand and cost functions, we characterize the limit equilibrium set under Bertrand oligopoly when entry is exogenous. Unless average cost is constant, we find that the folk theorem of perfect competition necessarily fails. We also relate our results to those in Novshek and Roy Chowdhury (2003).

Keywords: Bertrand oligopoly; limit properties; exogenous entry; folk theorem (search for similar items in EconPapers)
JEL-codes: D43 D41 L13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-com, nep-ind and nep-mic
Date: 2004-04
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