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Investissement stratégique et fluctuations endogènes

Author

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  • d'ASPREMONT, Claude
  • DOS SANTOS FERREIRA, Rodolphe
  • GERARD-VARET, Louis-André

Abstract

We study an overlapping generations multisectoral economy, where firms in each sector live two periods, strategically investing in the first and producing under Cournot competition in the second period. Equilibrium conditions for the two-stage games, and on the product, labor and capital markets, determine the number of active firms and result in a two-equation dynamic system. The possibility of robust endogenous fluctuations coming from strategic investment is demonstrated by contrast with a model without strategic investment and with free entry. Codes JEL : E22, E32, L16.
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Suggested Citation

  • d'ASPREMONT, Claude & DOS SANTOS FERREIRA, Rodolphe & GERARD-VARET, Louis-André, 2015. "Investissement stratégique et fluctuations endogènes," LIDAM Reprints CORE 2686, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:2686
    Note: In : Revue Economique, 66(2) 2015, p. 351-368
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    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure

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