Search results for " mixed strategies."

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The Classical Notion of Competition Revisited

2013

This article seeks to fill a lacuna within classical economics concerning the process of market price determination in situations of market disequilibrium. To this aim, first we distinguish the classical notion of free competition from the Walrasian notion of perfect competition and we argue that the latter is beset with some theoretical difficulties alien to the former. Second, we reconstruct in some detail Smith’s and Marx’s views concerning market price determination and show that Marx’s extensive use of metaphors and numerical examples foreshadows the modern taxonomy of buyers’ market, sellers’ market, and mixed strategy equilibrium in the capacity space of a standard Bertrand duopoly m…

Economics and EconometricsHistoryjel:B12Neoclassical economicsSpace (commercial competition)Classical and neoclassical notions of competition Adam Smith Karl Marx mixed strategies.Classical Economics Competition Adam Smith Karl Marx mixed strategiesjel:L11OligopolyCompetition (economics)StrategyTaxonomy (general)Bertrand competitionMarket priceEconomicsPerfect competitionSettore SECS-P/01 - Economia PoliticaClassical and Neoclassical notion of competition Smith Marx BertrandMathematical economicsHistory of Political Economy
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Paolo Sylos Labini Vindicated

2017

In the first part of our chapter we critically discuss i) Modigliani’s 1958 interpretation of Sylos Labini’s Oligopolio e Progresso Tecnico (1957), ii) the following debate concerning the Sylos Postulate −the assumption according to which “potential entrants behave as though they expected existing firms to adopt the policy most unfavourable to them, namely, the policy of maintaining output while reducing the price (or accepting reductions) to the extent required to enforce such an output policy” − and iii) the incumbent’s choice of productive capacity to install as strategic entry deterrence. In the second part of the chapter we develop a model in which, as in Dixit (1980), there are three …

Settore SECS-P/04 - Storia Del Pensiero Economicooligopoly theory Sylos postulate Cournot competition Bertrand competition strategic entry deterrence mixed strategies equilibriumSettore SECS-P/01 - Economia Politica
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