Oligopolistic Economies as Games of Limited Information: Existence of Equilibria

  • Thomas Marschak
  • Reinhard Selten
Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 91)

Abstract

We first study in this chapter an economy whose agents are consumers as well as separable-fixed-cost firms such as those we have just considered. Each product, however, has just one possible producer. We consider, in particular, a state of the economy in which every product is produced, every firm’s profit is zero, and all markets—including the markets for goods bought by consumers —are cleared. We shall prove that such a state exists when certain additional conditions, not considered in the preceding chapter, are imposed on production, on consumers’ demand, and on both together.

Keywords

Income Undercut Monopoly 

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Copyright information

© Springer-Verlag Berlin · Heidelberg 1974

Authors and Affiliations

  • Thomas Marschak
    • 1
  • Reinhard Selten
    • 2
  1. 1.School of Business AdministrationUniversity of CaliforniaBerkeleyUSA
  2. 2.Institut für Mathematische WirtschaftsforschungUniversität BielefeldRheda/SchloßGermany

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