Autore
Albaek, Svend

Titolo
On Nash and Stackelberg equilibria when costs are private information
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1991 - Fascicolo: 34 - Pagina iniziale: 2 - Pagina finale: 39

The paper discusses a two-period model where unit costs are private information. The firms are quantity setters and each firm can only produce in one of the two periods. The market clears after period two. If both firms always produce in the same period, a Cournot-Nash “situation” arises. If one firm always produces in the first period and the other in the second, a Stackelberg situation results. The analysis shows that Cournot-Nash can never be a Perfect Bayesian Equilibrium of this more general model, while Stackelberg situations can always be supported as PBEs. The results are similar if firms are price setters.



Testo completo: http://hdl.handle.net/1814/373

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