Admissible Conjectures and Consistent Conjectures

Garth J. Holloway

No 271403, 1993 Annual Meeting, August 1-4, Orlando, Florida from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: Firms' conjectures are consistent if their ex post behavior rationalizes their ex ante beliefs. Admissible conjectures are those that satisfy the necessary conditions for consistency. Competition is inadmissible unless aggregate output is stationary. Relaxing this restriction, admissibility eliminates Coumot behavior and constrains conduct to be collusive.

Keywords: Industrial Organization; Institutional and Behavioral Economics (search for similar items in EconPapers)
Pages: 13
Date: 1993-08-01
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea93:271403

DOI: 10.22004/ag.econ.271403

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