On Cournot-Nash equilibria with exogenous uncertainty (Q1061026)
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English | On Cournot-Nash equilibria with exogenous uncertainty |
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On Cournot-Nash equilibria with exogenous uncertainty (English)
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1986
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A large body of literature has accumulated which examines how the optimal solution of an agent maximizing the expectation of a real-valued function, depending on a random parameter p and the agent's behavior x, reacts to perturbations in the first and second moments of p. Here, by an approximation valid for small uncertainty, we allow many agents and consider their behavior in a Cournot-Nash equilibrium. We also allow p to depend on the behaviors of the participating agents. We apply the analysis to two models, one of a Cournot oligopoly, the other of a cooperative of individuals where there is uncertainty in the return to communal work.
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optimal solution
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Cournot-Nash equilibrium
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Cournot oligopoly
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noncooperative games
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parameter uncertainty
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collective farm
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