Takeshi Ebina, Daisuke Shimizu
Abstract
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We consider a two-stage location-price Hotelling model where the consumers can only buy from one direction, as presented by Kharbach (2009, Economics Bulletin). We show that the equilibrium outcome derived by Kharbach does not constitute a subgame perfect Nash equilibrium.
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We consider a two-stage location-price Hotelling model where the consumers can only buy from one direction, as presented by Kharbach (2009, Economics Bulletin). We show that the equilibrium outcome derived by Kharbach does not constitute a subgame perfect Nash equilibrium.
Key concepts: Subgame perfect equilibrium, Outcome (game theory), Mathematical economics, Subgame, Economics, Nash equilibrium, Markov perfect equilibrium, Trembling hand perfect equilibrium