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A Model of Oligopoly

Author

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  • Hernán Vallejo

Abstract

This article builds a simple model of oligopoly and uses it to make a detailed characterization of the equilibrium prices; quantities; mark-ups; price elasticities of market demand; price elasticities of residual demand; and welfare, all in terms of the parameters of the model. This is done under five different conjectures -Collusion, Threat, Cournot, Stackelberg and Bertrand-. The results of the model are used do comparative statics.

Suggested Citation

  • Hernán Vallejo, 2021. "A Model of Oligopoly," Documentos CEDE 19428, Universidad de los Andes, Facultad de Economía, CEDE.
    • Handle: RePEc:col:000089:019428
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    File URL: https://repositorio.uniandes.edu.co/bitstream/handle/1992/50548/dcede2021-38.pdf
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    More about this item

    Keywords

    Oligopoly; Collusion; Threat; Cournot; Stackelberg; Bertrand; mark-up;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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