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Economics Beyond the Millennium$
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Alan P. Kirman and Louis-André Gérard-Varet

Print publication date: 1999

Print ISBN-13: 9780198292111

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198292112.001.0001

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Imperfect Competition and General Equilibrium: Elements for a New Approach

Imperfect Competition and General Equilibrium: Elements for a New Approach

Chapter:
(p.125) 7 Imperfect Competition and General Equilibrium: Elements for a New Approach
Source:
Economics Beyond the Millennium
Author(s):

Claude d'Aspremont

Dos Santos Ferreira Rodolphe

Louis‐André Gérard‐Varet

Publisher:
Oxford University Press
DOI:10.1093/0198292112.003.0009

The authors study the introduction of price‐making agents into the general equilibrium model. They introduce a new equilibrium notion the ‘P equilibrium’, which allows one to consider firms who consciously interact through prices in their own industry, but take the prices elsewhere as given. This removes some of the ambiguities present in other attempts to incorporate price setting into a general equilibrium setting.

Keywords:   Cournotian competition, Imperfect competition, price setting, pricing schemes

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