On the endogeneity of Cournot-Nash and Stackelberg equilibria: Games of accumulation
Published
Journal Article
We characterize equilibria of games with two properties: (i) Agents have the opportunity to adjust their strategic variable after their initial choices and before payoffs occur; but (ii) they can only add to their initial amounts. The equilibrium set consists of just the Cournot-Nash outcome, one or both Stackelberg outcomes, or a continuum of points including the Cournot-Nash outcome and one or both Stackelberg outcomes. A simple theorem that uses agents' standard one-period reaction functions and the one-period Cournot-Nash and Stackelberg equilibria delineates the equilibrium set. Applications include contribution, oligopoly, and rent-seeking games. © 2003 Elsevier Inc. All rights reserved.
Full Text
Duke Authors
Cited Authors
- Romano, R; Yildirim, H
Published Date
- January 1, 2005
Published In
Volume / Issue
- 120 / 1
Start / End Page
- 73 - 107
International Standard Serial Number (ISSN)
- 0022-0531
Digital Object Identifier (DOI)
- 10.1016/j.jet.2003.12.005
Citation Source
- Scopus