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Cournot Competition
Andrew F. Daughety Vanderbilt University - College of Arts and Science - Department of Economics; Vanderbilt University - School of Law THE NEW PALGRAVE DICTIONARY OF ECONOMICS, 2nd Edition, Steven N. Durlauf and Lawrence E. Blume, eds., Palgrave Macmillan (Basingstoke and New York), Forthcoming Abstract: Cournot's 1838 model of strategic interaction between competing firms has become the primary workhorse for the analysis of imperfect competition, and shows up in a variety of fields, notably industrial organization and international trade. This entry begins with a tour of the basic Cournot model and its properties, touching on existence, uniqueness, stability, and efficiency; this discussion especially emphasizes considerations involved in using the Cournot model in multi-stage applications. A discussion of recent applications is provided as well as the URL for an extended bibliography of approximately 125 selected publications from 2001 through 2005.
Keywords: Cournot models, Cournot equilibrium, oligopoly, multi-stage models of competition, best-response functions JEL Classifications: D43 Accepted Paper SeriesDate posted: November 21, 2006 ; Last revised: December 22, 2006Suggested CitationContact Information
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