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Equilibrium Theory for Cournot Oligopolies and Related Games
This state-of-the-art collection of papers on the theory of Cournotian competition focuses on two main subjects: oligopolistic Cournot competition and contests. The contributors present various applications of the Cournotian Equilibrium Theory, addressing topics such as equilibrium existence and uniqueness, equilibrium structure, dynamic processes, coalitional behavior and welfare. Special emphasis is placed on the aggregative nature of the games that are relevant to such theory. This contributed volume was written to celebrate the 80th birthday of Prof. Koji Okuguchi, a pioneer in oligopoly theory.
Coalition-Proofness in Aggregative Games with Strategic Substitutes and Externalities
We examine the welfare properties, coalition-proofness and order-theoretical structure of the set of Nash equilibria in pure strategy games with a-aggregative simple strategic substitutes and monotone a-aggregative externalities. For these games, we prove the equivalence among the set of Nash equilibria, the set of coalition-proof Nash equilibria under strong Pareto dominance and the set of Nash equilibria that are strongly Pareto undominated by other Nash equilibria; besides, we prove that the fixed points of some "extremal" selections from the joint best reply correspondence are both coalition-proof Nash equilibria under weak Pareto dominance and weakly Pareto undominated by other Nash equilibria. We also point out some errors in the relevant literature. Finally, we show various applications of our results to classes of games of economic interest.
Are Vessel Sharing Agreements Pro-Competitive?
Attention is focussed on a type of strategic alliance of the container shipping industry: vessel sharing agreements. In such consortia carriers jointly provide - but independently sell - a liner service. The strategic alliances studied in this work have not been extensively analyzed in the theoretical literature; a new model is proposed that embodies their main distinguishing features. By it, an examination is provided of the effects on equilibrium prices, equilibrium aggregate quantities and consumer welfare of the formation and enlargement of vessel sharing agreements. A positive answer is developed to the question raised in the title of the present work that supports a laissez-faire policy for these consortia.
