Cournot Competition

THE NEW PALGRAVE DICTIONARY OF ECONOMICS, 2nd Edition, Steven N. Durlauf and Lawrence E. Blume, eds., Palgrave Macmillan (Basingstoke and New York), Forthcoming

14 Pages Posted: 21 Nov 2006

See all articles by Andrew F. Daughety

Andrew F. Daughety

Department of Economics, Vanderbilt University

Abstract

Cournot's 1838 model of strategic interaction between competing firms has become the primary workhorse for the analysis of imperfect competition, and shows up in a variety of fields, notably industrial organization and international trade. This entry begins with a tour of the basic Cournot model and its properties, touching on existence, uniqueness, stability, and efficiency; this discussion especially emphasizes considerations involved in using the Cournot model in multi-stage applications. A discussion of recent applications is provided as well as the URL for an extended bibliography of approximately 125 selected publications from 2001 through 2005.

Keywords: Cournot models, Cournot equilibrium, oligopoly, multi-stage models of competition, best-response functions

JEL Classification: D43

Suggested Citation

Daughety, Andrew F., Cournot Competition. THE NEW PALGRAVE DICTIONARY OF ECONOMICS, 2nd Edition, Steven N. Durlauf and Lawrence E. Blume, eds., Palgrave Macmillan (Basingstoke and New York), Forthcoming, Available at SSRN: https://ssrn.com/abstract=946168

Andrew F. Daughety (Contact Author)

Department of Economics, Vanderbilt University ( email )

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HOME PAGE: http://my.vanderbilt.edu/andrewdaughety/

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