Summary
In this paper, we show that, in markets with a continuum of traders and atoms, the set of Cournot-Walras equilibria and the set of Cournot equilibria may be disjoint. We show also that, when the preferences of the traders are represented by Cobb-Douglas utility functions, the set of Cournot-Walras equilibria and the set of Cournot equilibria have a nonempty intersection.
Article PDF
Similar content being viewed by others
Avoid common mistakes on your manuscript.
References
Amir, R., Sahi, S., Shubik, M., Yao, S.: A strategic market game with complete markets. J. Econ. Theory51, 126–143 (1990)
Codognato, G.: Cournot-Walras and Cournot equilibria in mixed markets: A comparison. CORE Discussion Paper 9301, Université Catholique de Louvain, 1993
Codognato, G., Gabszewicz, J. J.: Equilibres de Cournot-Walras dans une économie d'échange. Rev. Econ.42, 1013–1026 (1991)
Codognato, G., Gabszewicz, J. J.: Cournot-Walras equilibria in markets with a continuum of traders. Econ. Theory3, 453–464 (1993)
Dubey, P., Shubik, M.: The noncooperative equilibria of a closed trading economy with market supply and bidding strategies. J. Econ. Theory17, 1–20 (1978)
Dubey, P., Mas-Colell, A., Shubik, M.: Efficiency properties of strategic market games: An axiomatic approach. J. Econ. Theory22, 339–362 (1980)
Gabszewicz, J. J., Michel, P.: Oligopoly equilibria in exchange economies. CORE Discussion Paper 9247, Université Catholique de Louvain, 1992
Gabszewicz, J. J., Vial, J.-P.: Oligopoly “à la Cournot” in a general equilibrium analysis. J. Econ. Theory4, 381–400 (1972)
Sahi, S., Yao, S.: The noncooperative equilibria of a trading economy with complete markets and consistent prices. J. Math. Econ.18, 325–346 (1989)
Shapley, L. S., Shubik, M.: Trade using one commodity as a means of payment. J. Polit. Econ.85, 937–968 (1977)
Shitovitz, B.: Oligopoly in markets with a continuum of traders. Econometrica41, 467–501 (1973)
Author information
Authors and Affiliations
Additional information
I would like to thank R. Amir, B. de Meyer, J. J. Gabszewicz, J.-F. Mertens, H. Polemarchakis and L. Ventura for some helpful discussions about the questions examined in the present work.
Rights and permissions
About this article
Cite this article
Codognato, G. Cournot-Walras and Cournot equilibria in mixed markets: A comparison. Econ Theory 5, 361–370 (1995). https://doi.org/10.1007/BF01215210
Received:
Revised:
Issue Date:
DOI: https://doi.org/10.1007/BF01215210