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2004•RePEc: Research Papers in EconomicsOpen access

Cost arrangement and welfare in a multi-product Cournot oligopoly

Harvey E. Lapan, David A. Hennessy

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Abstract

Welfare in a two-product Cournot oligopoly is shown to increase (decrease) with an increase in correlation between unit costs when the outputs complement (substitute) in demand. A more qualified correlation structure is required for the result to apply in a three-product Cournot oligopoly when products complement in demand.

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Welfare in a two-product Cournot oligopoly is shown to increase (decrease) with an increase in correlation between unit costs when the outputs complement (substitute) in demand. A more qualified correlation structure is required for the result to apply in a three-product Cournot oligopoly when products complement in demand.

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Available abstract

Welfare in a two-product Cournot oligopoly is shown to increase (decrease) with an increase in correlation between unit costs when the outputs complement (substitute) in demand. A more qualified correlation structure is required for the result to apply in a three-product Cournot oligopoly when products complement in demand.

Key concepts: Cournot competition, Oligopoly, Complement (music), Microeconomics, Welfare, Economics, Product (mathematics), Strategic complements

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