Oligopoly Pricing: Old Ideas and New Tools / Edition 1

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Overview

The "oligopoly problem"—the question of how prices are formed when the market contains only a few competitors—is one of the more persistent problems in the history of economic thought. In this book Xavier Vives applies a modern game-theoretic approach to develop a theory of oligopoly pricing.Vives begins by relating classic contributions to the field—including those ofCournot, Bertrand, Edgeworth, Chamberlin, and Robinson—to modern game theory. In his discussion of basic game-theoretic tools and equilibrium, he pays particular attention to recent developments in the theory of supermodular games. The middle section of the book, an in-depth treatment of classic static models, provides specialized existence results, characterizations of equilibria, extensions to large markets, and an analysis of comparative statics with a view toward applied work. The final chapters examine commitment issues, entry, information transmission, and collusion using a variety of tools: two-stage games, the modeling of competition under asymmetric information and mechanism design theory, and the theory of repeated and dynamic games, including Markov perfect equilibrium and differential games.

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Product Details

  • ISBN-13: 9780262720403
  • Publisher: MIT Press
  • Publication date: 9/1/2001
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 441
  • Product dimensions: 6.00 (w) x 9.00 (h) x 1.00 (d)

Meet the Author

Xavier Vives is Director of the Institut d'Anàlisi Econòmica, Barcelona.

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Table of Contents

Preface
1 Ideas of the Founding Fathers: Oligopoly Theory and Modern Game Theory 1
2 Game Theory Tools 11
3 Foundations of Partial Equilibrium Analysis 75
4 Quantity Competition: The Cournot Model 93
5 Price Competition: The Models of Bertrand and Edgeworth 117
6 Product Differentiation 143
7 Conjectures, Reactions, and Commitment 185
8 Competition with Asymmetric Information 225
9 Repeated Interaction and Dynamics 301
10 Epilogue 353
Notes 359
References 385
Index 415
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