The stability of the cournot oligopoly model: A reassessment |
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| Authors: | A al-Nowaihi PL Levine |
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| Institution: | Queen Mary College, University of London, England, UK;Polytechnic of the South Bank and Visiting Fellow at the London Business School, England, UK |
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| Abstract: | The stability properties of the Cournot oligopoly model are examined for the continuous adjustment process. Sufficient conditions for instability are established which are shown to be of significance when the number of firms, n, is small. Local and global stability are shown under appropriate conditions which for global stability include the restriction n ? 5. The proof of global stability corrects a well-known proof by F. Hahn (Rev. Econ. Stud.29 (1962), 329–331). Results for the discrete time adjustment process are reported and the restrictiveness of the model's assumptions are discussed. |
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