Surplus Bounds in Cournot Monopoly and Competition
Daniele Condorelli and
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Daniele Condorelli: University of Warwick
Balazs Szentes: London School of Economics
The Warwick Economics Research Paper Series (TWERPS) from University of Warwick, Department of Economics
We characterize equilibria of oligopolistic markets where identical firms with constant marginal cost compete a’ la Cournot. For given maximal willingness to pay and maximal total demand, we first identify all combinations of quilibrium consumer and producer surplus that can arise from arbitrary demand functions. Then, as a further restriction, we fix the average willingness to pay above marginal cost (i.e., first best surplus) and identify all possible triples of consumer surplus, producer surplus and deadweight loss.
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