Randomization and the limit points of monopolistic competition
type: Item
instance of: scholarly article
title: Randomization and the limit points of monopolistic competition
zbMATH Open document ID: 0821.90012
DOI: 10.1016/0304-4068(94)90006-X
author: Beth Allen
published in: Journal of Mathematical Economics
publication date: 1994-08-10T00:00:00Z
review text: For a general equilibrium model of monopolistic competition, the set of competitive equilibria and the set of limits of Nash-Cournot equilibria for a sequence of replica economies coincide generically. The key feature which makes every limit of monopolistic competition perfectly competitive is that random rather than deterministic selections from the equilibrium price correspondence are considered in the definition of firms' reaction functions when there are multiple Walrasian equilibria. An existence result for mixed strategy Nash-Cournot equilibria in finite economies is also given.
reviewed by: Michel Le Breton
Mathematics Subject Classification ID: 91B50
zbMATH DE Number: 617308
zbMATH Keywords: monopolistic competition
zbMATH Keywords: competitive equilibria
zbMATH Keywords: limits of Nash-Cournot equilibria
zbMATH Keywords: sequence of replica economies
zbMATH Keywords: multiple Walrasian equilibria
MaRDI profile type: Publication
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full work available at URL: 0304-4068(94)90006-x
OpenAlex ID: W2080705200
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description: scientific article; zbMATH DE number 617308