FROM IMPERFECT TO PERFECT COMPETITION: A PARAMETRIC APPROACH THROUGH CONJECTURAL VARIATIONS

Ludovic Julien ()

Manchester School, 2010, vol. 78, issue 6, 660-677

Abstract: This paper features perfect competition under a parametric approach. We consider conjectural variations in a pure exchange economy where strategic interactions hold. We show, through an example, that the conjectural general equilibrium can coincide with the competitive equilibrium, independently of a replication procedure or an asymptotic identification. Additionally, the competitive equilibrium is a locally consistent conjectural general equilibrium. Perfect competition is defined at equilibrium.

Date: 2010
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https://doi.org/10.1111/j.1467-9957.2009.02167.x

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