Alexander Klemm
Abstract
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This paper analyses oligopolies using the Cournot/Stackelberg framework, but allowing some firms to be pursueing aims other than profit maximisation. The existence of even a single output maximising firm can have dramatic effects on outputs, prices and welfare, even if such a firms faces additional costs.
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This paper analyses oligopolies using the Cournot/Stackelberg framework, but allowing some firms to be pursueing aims other than profit maximisation. The existence of even a single output maximising firm can have dramatic effects on outputs, prices and welfare, even if such a firms faces additional costs.
Key concepts: Cournot competition, Stackelberg competition, Oligopoly, Economics, Microeconomics, Profit (economics), Welfare, Market economy