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| Ludovic JULIEN |
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| ''Consistent conjectural variations equilibria in strategic multilateral exchange'' |
| ( 2009, Vol. 29 No.1 ) |
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| In this note, we address the problem of determining which conjectural variations general equilibria are consistent in strategic multilateral exchange. We therefore consider expectations in a simple conjectural general equilibrium model of a pure exchange economy under strategic interactions. Three results are obtained. Firstly, the competitive equilibrium is a locally consistent conjectural general equilibrium. Secondly, the symmetric Cournot oligopoly equilibrium is not a locally consistent conjectural general equilibrium. Thirdly, the symmetric collusive equilibrium is a locally consistent conjectural general equilibrium. |
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| Keywords: |
JEL: D4 - Market Structure and Pricing: General
D5 - General Equilibrium and Disequilibrium: General |
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| Manuscript Received : Oct 03 2008 | | Manuscript Accepted : Mar 27 2009 |
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