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EXISTENCE OF EQUILIBRIUM FOR COURNOT OLIGOPOLY-OLIGOPSONY

Koji Okuguchi

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Abstract

Oligopolists in a product market are more often than not oligopsonists in a factor market.No economist, however, has analyzed oligopolistic, oligopsonistic industry.This paper is the first attempt to tackle this type of industry characterized by product as well as factor market imperfection.Specifically we prove the existence of a unique equilibrium for Cournot oligopolyoligopsony without product differentiation.We reduce the existence problem to a fixed-point problem for a function whose only variable is the industry output.

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Oligopolists in a product market are more often than not oligopsonists in a factor market.No economist, however, has analyzed oligopolistic, oligopsonistic industry.This paper is the first attempt to tackle this type of industry characterized by product as well as factor market imperfection.Specifically we prove the existence of a unique equilibrium for Cournot oligopolyoligopsony without product differentiation.We reduce the existence problem to a fixed-point problem for a function whose only variable is the industry output.

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Available abstract

Oligopolists in a product market are more often than not oligopsonists in a factor market.No economist, however, has analyzed oligopolistic, oligopsonistic industry.This paper is the first attempt to tackle this type of industry characterized by product as well as factor market imperfection.Specifically we prove the existence of a unique equilibrium for Cournot oligopolyoligopsony without product differentiation.We reduce the existence problem to a fixed-point problem for a function whose only variable is the industry output.

Key concepts: Cournot competition, Oligopoly, Economics, Microeconomics

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