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Uniqueness of Cournot Equilibrium: New Results from Old Methods

Gérard Gaudet, Stephen Walter Salant

Abstract

This paper provides sufficient conditions for the existence of a unique Cournot equilibrium. Previous uniqueness results have depended on an assumption of non-degeneracy of equilibrium. As we illustrate, this assumption often fails in multi-stage games with proper Cournot subgames. Since our uniqueness results do not depend on this assumption, they are more widely applicable.

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Key concepts: Uniqueness, Cournot competition, Mathematical economics, Degeneracy (biology), Economics, Mathematics, Mathematical analysis, Bioinformatics