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The B.E. Journal of Theoretical Economics

Editor-in-Chief: Schipper, Burkhard

Ed. by Fong, Yuk-fai / Peeters, Ronald / Puzzello , Daniela / Rivas, Javier / Wenzelburger, Jan

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Equilibrium Uniqueness in a Cournot Model with Demand Uncertainty

Johan N.M. Lagerlöf
Published Online: 2006-12-04 | DOI: https://doi.org/10.2202/1534-598X.1333

If Cournot oligopolists face uncertainty about the intercept of a linear demand function and if the realized market price must be non-negative, then expected demand becomes convex, which can create a multiplicity of equilibria. This note shows that if the distribution of the demand intercept has a monotone hazard rate and if another, rather weak, assumption is satisfied, then uniqueness of equilibrium is guaranteed.

Keywords: Cournot model; non-negativity constraint; demand uncertainty; unique equilibrium

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Published Online: 2006-12-04

Citation Information: Topics in Theoretical Economics, Volume 6, Issue 1, Pages 1–6, ISSN (Online) 1534-598X, DOI: https://doi.org/10.2202/1534-598X.1333.

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