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On Stackelberg competition in strategic multilateral exchange

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  • Ludovic A. Julien

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

In this paper, we consider a strategic equilibrium concept which extends Stackelberg competition to cover a general equilibrium framework. From the benchmark of strategic market games proposed by Sahi and Yao (1989), we define the notion of Stackelberg equilibrium. This concept captures strategic interactions in interrelated markets on which a finite number of leaders and followers compete on quantities. Within the framework of an example, convergence and welfare are studied. More specifically, we analyze convergence toward the competitive equilibrium and make welfare comparisons with other strategic equilibria.
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Suggested Citation

  • Ludovic A. Julien, 2013. "On Stackelberg competition in strategic multilateral exchange," Post-Print hal-01385854, HAL.
    • Handle: RePEc:hal:journl:hal-01385854
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    1. Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June.
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    5. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2011. "Noncooperative oligopoly in markets with a continuum of traders," Games and Economic Behavior, Elsevier, vol. 72(1), pages 38-45, May.
    6. Ludovic A. Julien & Fabrice Tricou, 2010. "Oligopoly Equilibria “à la Stackelberg” in Pure Exchange Economies," Recherches économiques de Louvain, De Boeck Université, vol. 76(2), pages 175-194.
    7. Codognato, Giulio & Ghosal, Sayantan, 2000. "Cournot-Nash equilibria in limit exchange economies with complete markets and consistent prices," Journal of Mathematical Economics, Elsevier, vol. 34(1), pages 39-53, August.
    8. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-968, October.
    9. Amir, Rabah & Sahi, Siddharta & Shubik, Martin & Yao, Shuntian, 1990. "A strategic market game with complete markets," Journal of Economic Theory, Elsevier, vol. 51(1), pages 126-143, June.
    10. Sahi, Siddhartha & Yao, Shuntian, 1989. "The non-cooperative equilibria of a trading economy with complete markets and consistent prices," Journal of Mathematical Economics, Elsevier, vol. 18(4), pages 325-346, September.
    11. Shitovitz, Benyamin, 1973. "Oligopoly in Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 41(3), pages 467-501, May.
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    Cited by:

    1. Ludovic A. Julien, 2017. "Hierarchical Competition and Heterogeneous Behavior in Noncooperative Oligopoly Markets," Post-Print hal-01637298, HAL.
    2. Ludovic A. Julien, 2024. "Noncooperative oligopoly equilibrium in markets with hierarchical competition," International Journal of Game Theory, Springer;Game Theory Society, vol. 53(2), pages 325-371, June.

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