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Strategic Interaction and Markets

By Jean J. Gabszewicz
eBook
$82.99
By Jean J. Gabszewicz
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Perfect competition provides the model of a frictionless economy, in which price-setting economic agents behave independently of each other, abandoning to the market the coordination of their individual decisions. The implications of this model are extensively presented in the traditional price theory textbooks. Imperfect competition is the paradigm that develops as soon as economic agents interact in a conscious manner, which is the rule when competition takes place amongst a restricted nu...

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Science & TechnologyMathematicsProbability Theory