Efficiency Properties of Large Dynamic Markets

Yoshiaki Ushio

International Economic Review, 1989, vol. 30, issue 3, 537-47

Abstract: This paper considers an infinitely-repeated Cournot market with discounting. It studies the asymptotic properties of stationary perfect equilibria in such a market when the demand and production sectors are replicated indefinitely. Specifically, the paper establishes (1) necessary and sufficient conditions for the approximate competitiveness and efficiency of stationary perfect equilibria, (2) necessary and sufficient conditions for the presence of excessive competition and for the presence of limited competition at some stationary perfect equilibria, and (3) conditions for approximately competitive stationary perfect equilibria to be approximately efficient. The analysis focuses on the case where the market discount factor is close to unity. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1989
References: Add references at CitEc
Citations:

Downloads: (external link)
http://links.jstor.org/sici?sici=0020-6598%2819890 ... O%3B2-1&origin=repec full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ier:iecrev:v:30:y:1989:i:3:p:537-47

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0020-6598

Access Statistics for this article

International Economic Review is currently edited by Harold L. Cole

More articles in International Economic Review from Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association 160 McNeil Building, 3718 Locust Walk, Philadelphia, PA 19104-6297. Contact information at EDIRC.
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and ().