The inconsistency of consistent conjectures: coming back to Cournot

Article Abstract:

The simple Cournot model is validated by decomposing the inconsistency of requiring consistent, rational or endogenous conditions in conjectural variation models. Stronger versions of conjectural variation models, such as those that assume full information and perfect foresight are shown to lead to paradoxes, while the weaker forms are proved to be of little value in problem solving. Cournot's model is actually more consistent since consistency requires that agents entertain faulty conjectures as they skip out of equilibrium.

Research, Economic aspects, Business-to-business market, Business to business market, Prediction (Logic)

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Dynamic oligopolies without full information and with continuously distributed time lags

Article Abstract:

The n-firm dynamic Cournot Oligopoly is examined in relation to firms having incomplete information on the demand function. The local stability of the models is analyzed and a complementary study on global stability properties of the dynamics is also analyzed.

Netherlands, Influence, Demand functions (Economics), Demand functions

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The evolution of consistent conjectures

Article Abstract:

The development of a corporate culture is discussed.

Models, Corporate culture

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