The escape from conjectural variations: the consistency condition in duopoly theory from Bowley to Fellner

Nicola Giocoli

Cambridge Journal of Economics, 2005, vol. 29, issue 4, 601-618

Abstract: The paper covers the 1924--1949 debate on the conjectural variations approach to duopoly theory and focuses on the evolution of economists' views about the imposition of a consistency condition on the firms' conjectures. The main point is that, although the consistency condition entailed a notion of interactive equilibrium that resembled the modern correct conjectures equilibrium, most neoclassical economists of the time refused to apply it because of the excessive requirements it imposed upon the firms' forecasting abilities, and because of its failure to encompass an explanation of the equilibrating process. Copyright 2005, Oxford University Press.

Date: 2005
References: Add references at CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://hdl.handle.net/10.1093/cje/bei007 (text/html)
Access to full text is restricted to subscribers.

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:oup:cambje:v:29:y:2005:i:4:p:601-618

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().