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Cournotian duopolistic firms may be Walrasian: a case in the Gabszewicz and Vial model
Journal of Economics ( IF 1.889 ) Pub Date : 2023-07-08 , DOI: 10.1007/s00712-023-00830-1
Francesca Busetto , Giulio Codognato , Giorgia Pavan , Simone Tonin

In this paper, we present a refreshed version of the original model proposed by Gabszewicz and Vial (J Econ Theory 4:381–400, 1972) and we use their main example to review the main theoretical issues related to the notion of Cournot-Walras equilibrium. We compute, in the Gabszewicz and Vial main example, two different Cournot-Walras equilibria associated with different normalization rules. Moreover, in the same example, we compute a Utility-Cournot-Walras equilibrium as defined by Grodal (in: Allen (ed) Economics in a changing world, Macmillan, London, 1996) and we show that it coincides with the unique Walras equilibrium. Furthermore, using a proposition proved by Grodal (1996), we build a normalization rule with respect to which there is a Cournot-Walras equilibrium that coincides with the Utility-Cournot-Walras equilibrium and hence with the unique Walras equilibrium. To the best of our knowledge, this example provides the first case of Cournotian duopolistic firms being Walrasian in a production economy.



中文翻译:

古诺双头垄断企业可能是瓦尔拉斯式的:Gabszewicz 和 Vial 模型中的一个案例

在本文中,我们提出了 Gabszewicz 和 Vial 提出的原始模型的更新版本(J Econ Theory 4:381–400, 1972),并使用他们的主要例子来回顾与古诺-瓦尔拉斯概念相关的主要理论问题平衡。在 Gabszewicz 和 Vial 主要示例中,我们计算了与不同归一化规则相关的两个不同的古诺-瓦尔拉斯均衡。此外,在同一个例子中,我们计算了 Grodal 定义的效用-古诺-瓦尔拉斯均衡(参见:Allen(ed)变化世界中的经济学,Macmillan,伦敦,1996),并且我们表明它与独特的瓦尔拉斯均衡一致。此外,使用 Grodal (1996) 证明的命题,我们建立了一个标准化规则,根据该规则存在一个古诺-瓦尔拉均衡,该均衡与效用-古诺-瓦尔拉均衡一致,因此与独特的瓦尔拉均衡一致。据我们所知,这个例子提供了生产经济中库诺双寡头企业成为瓦尔拉斯企业的第一个案例。

更新日期:2023-07-08
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