首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Stackelberg versus Cournot oligopoly with private information
Institution:1. Lancaster University Management School, United Kingdom;2. Humboldt-Universität zu Berlin, Germany;1. Sloan School of Management, Massachusetts Institute of Technology USA;2. Department of Economics and Rotman School of Management University of Toronto Canada;1. University of Cape Town, School of Economics, Rondebosch, Cape Town, 7701, South Africa;2. Telecom ParisTech, 46 rue Barrault, 75013 Paris, France & University of Cape Town, School of Economics, Rondebosch, Cape Town, 7701, South Africa;1. School of Economics, Nanjing University, Nanjing, China;2. Department of Economics, Carleton University, Ottawa, Canada;3. Sauder School of Business, University of British Columbia, Vancouver, Canada
Abstract:We compare an n-firm Cournot model with a Stackelberg model, where n-firms choose outputs sequentially, in a stochastic demand environment with private information. The expected total output, consumer surplus, and total surplus are lower, while expected price and total profits are higher in the Stackelberg perfect revealing equilibrium than in the Cournot equilibrium. These rankings are the opposite of the rankings of prices, total output, surplus, and profits under perfect information. We also show that the first n?1 firms’ expected profits form a decreasing sequence from the first to the (n?1)st in the Stackelberg game. The last mover earns more expected profit than the first mover if n4, or the ratio of the signals’ informativeness to the prior certainty is sufficiently low. Lastly, there is a discontinuity between the Stackelberg equilibrium of the perfect information game and the limit of Stackelberg perfect revealing equilibria, as the noise of the demand information of firms vanishes to zero at the same rate. We provide various robustness checks for the results when the precision of signals are asymmetric, there is public information or cost/quality uncertainty, or the products are differentiated.
Keywords:
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号