Cournot competition in a differentiated oligopoly |
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Authors: | K Sridhar Moorthy |
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Institution: | Yale School of Management, Box 1A, New Haven, Connecticut 06520 USA |
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Abstract: | This paper studies product-quantity equilibria in an oligopoly. Products are interpreted as “qualities” and each firm chooses a quality-quantity pair, simultaneously. It is well known that a pure-strategy equilibrium in product-price pairs does not exist in this model, but a pure-strategy equilibrium in product-quantity pairs exists. Furthermore, in an example widely studied in the literature, the equilibrium has nice asymptotic properties. |
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