Chapter

Imperfect Competition and General Equilibrium: Elements for a New Approach

Claude d'Aspremont, Dos Santos Ferreira Rodolphe and Louis‐André Gérard‐Varet

in Economics Beyond the Millennium

Published in print September 1999 | ISBN: 9780198292111
Published online November 2003 | e-ISBN: 9780191596537 | DOI: http://dx.doi.org/10.1093/0198292112.003.0009

Series: The ASSET Series

 Imperfect Competition and General Equilibrium: Elements for a New Approach

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The authors study the introduction of price‐making agents into the general equilibrium model. They introduce a new equilibrium notion the ‘P equilibrium’, which allows one to consider firms who consciously interact through prices in their own industry, but take the prices elsewhere as given. This removes some of the ambiguities present in other attempts to incorporate price setting into a general equilibrium setting.

Keywords: Cournotian competition; Imperfect competition; price setting; pricing schemes

Chapter.  14813 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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