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Cournot oligopoly models with time delays. (English) Zbl 0553.90019
Dynamic stability in the Cournot oligopoly problem is investigated. The author considers a system of competing firms which adjust their levels of production based on information subject to delays. Two models of adjustment processes, both in continuous and discrete time settings, are considered. In the first one, all the information being used, own output included, is delayed. It is shown that the stability of both adjustment processes depends on the sizes of the delays. Namely, they should not exceed certain values. In the second model each firm’s adjustment is based on a delay knowledge of its rivals’ outputs but the current level of the own one. In contrast to the previous model it is shown that the stability of the adjustment is not affected by the sizes of the delays.
Reviewer: M.Kaganovich

91B24Price theory and market structure
91B62Growth models in economics
Full Text: DOI
[1] Fisher, F. M.: The stability of the cournot oligopoly solution: the effects of speeds of adjustment and increasing marginal costs. Review of economic studies 28, 125-135 (1961)
[2] Okuguchi, K.: Expectations and stability in oligopoly models. Lecture notes in economics and mathematical systems 138 (1976) · Zbl 0339.90010
[3] Theocharis, R. D.: On the stability of the cournot solution of the oligopoly problem. Review of economic studies 27, 131-134 (1960)