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On the Existence of Bayesian Cournot Equilibrium

Ezra Einy, Ori Haimanko, Diego Moreno () and Benyamin Shitovitz

No 2008-11, Discussion Papers from Graduate School of Economics, Hitotsubashi University

Abstract: We show that when firms have incomplete information about the market demand and their costs, a (Bayesian) Cournot equilibrium in pure strategies may not exist, or be unique. In fact, we are able to construct surprisingly simple and robust examples of duopolies with these features. However, we also find some sufficient conditions for existence, and for uniqueness, of Cournot equilibrium in a certain class of industries. More general results arise when negative prices are possible.

Keywords: Oligopoly; Incomplete Information; Bayesian; Cournot; Equilibrium; Existence; Uniqueness (search for similar items in EconPapers)
JEL-codes: C72 D43 L13 (search for similar items in EconPapers)
Pages: 34, [9] p.
Date: 2008-10
New Economics Papers: this item is included in nep-com, nep-cta, nep-gth, nep-ind and nep-mic
Note: This is a revised version of Working Paper 07-02 of Monaster Center for Economic Research., Previous version: January 2008.
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http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/16976/1/070econDP08-11.pdf

Related works:
Journal Article: On the existence of Bayesian Cournot equilibrium (2010) Downloads
Working Paper: On the Existence of Bayesian Cournot Equilibrium (2007) Downloads
Working Paper: On the Existence of Bayesian Cournot Equilibrium (2007) Downloads
Working Paper: On the existence of Bayesian Cournot equilibrium (2007) Downloads
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