The main finding in the paper is that “the CV and the CC models are essentially equivalent when the conjectural variation expected and the coefficient of cooperation coincide.” (p. 479). After the article was published, we became aware that this finding is already observed in Martin (2002): “The conjectural elasticity model and the coefficient of cooperation model are therefore formally equivalent.” (p. 52). While the observation in Martin’s textbook is placed in the context of a duopoly and a proof is omitted, Escrihuela-Villar’s statement is in the context of an oligopoly with arbitrary number of firms and a formal proof is provided. Although Escrihuela-Villar (2015) cites pages 50–51 of Martin’s textbook concerning criticisms in the literature of conjectural variation models, a citation to the statement on page 52 of Martin (2002) is missing. Notwithstanding the more general context in which the finding of Escrihuela-Villar is placed, a proper citation to Martin (2002) should have been there.
Escrihuela-Villar, M. 2015. “A Note on the Equivalence of the Conjectural Variations Solution and the Coefficient of Cooperation.” The B.E. Journal of Theoretical Economics 15:473–80.10.1515/bejte-2014-0094Search in Google Scholar
Martin, S. 2002. Advanced Industrial Economics, 2nd ed. Oxford: Blackwell Publishers.Search in Google Scholar
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