Trade in Bilateral Oligopoly with Endogenous Market Formation
Dickson, Alex and Hartley, Roger (2011) Trade in Bilateral Oligopoly with Endogenous Market Formation. Preprint / Working Paper. University of Strathclyde, Glasgow.
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Abstract
We study a strategic market game in which traders are endowed with both a good and money and can choose whether to buy or sell the good. We derive conditions under which a non-autarkic equilibrium exists and when the only equilibrium is autarky. Autarky is ‘nice’ (robust to small perturbations in the game) when it is the only equilibrium, and ‘very nice’ (robust to large perturbations) when no gains from trade exist. We characterize economies where autarky is nice but not very nice; that is, when gains from trade exist and yet no trade takes place.
ORCID iDs
Dickson, Alex ORCID: https://orcid.org/0000-0001-9386-9036 and Hartley, Roger;-
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Item type: Monograph(Preprint / Working Paper) ID code: 34357 Dates: DateEvent1 February 2011PublishedSubjects: Social Sciences > Economic Theory Department: Strathclyde Business School > Economics Depositing user: Pure Administrator Date deposited: 12 Nov 2011 10:09 Last modified: 11 Nov 2024 16:02 Related URLs: URI: https://strathprints.strath.ac.uk/id/eprint/34357