Dynamic Behaviour in Large Markets for Differentiated Products

Val Lambson

The Review of Economic Studies, 1987, vol. 54, issue 2, 293-300

Abstract: An important question is how well competitive models approximate models of large finite economies. For a class of differentiated products models static Nash equilibria, if they exist, always converge to competition as the number of firms increases. Dynamic Nash equilibria need not so converge. Easily checked conditions for convergence to competition do, however, exist.

Date: 1987
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