On the endogeneity of Cournot-Nash and Stackelberg equilibria: Games of accumulation
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We characterize equilibria of games with two properties: (i) Agents have the opportunity to adjust their strategic variable after their initial choices and before payoffs occur; but (ii) they can only add to their initial amounts. The equilibrium set consists of just the Cournot-Nash outcome, one or both Stackelberg outcomes, or a continuum of points including the Cournot-Nash outcome and one or both Stackelberg outcomes. A simple theorem that uses agents' standard one-period reaction functions and the one-period Cournot-Nash and Stackelberg equilibria delineates the equilibrium set. Applications include contribution, oligopoly, and rent-seeking games. © 2003 Elsevier Inc. All rights reserved.
Published Version (Please cite this version)10.1016/j.jet.2003.12.005
Publication InfoRomano, R; & Yildirim, Huseyin (2005). On the endogeneity of Cournot-Nash and Stackelberg equilibria: Games of accumulation. Journal of Economic Theory, 120(1). pp. 73-107. 10.1016/j.jet.2003.12.005. Retrieved from https://hdl.handle.net/10161/1946.
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Professor of Economics
Professor Yildirim's recent research concerns charitable giving, sequencing of bilateral negotiations, and the value of (non-)blind review. His papers have appeared in top economics journals such as American Economic Review, Review of Economic Studies, Journal of Economic Theory, and RAND journal of Economics.