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Article Dans Une Revue Economic Bulletin Année : 2011

The Stackelberg equilibrium as a consistent conjectural equilibrium

Ludovic Julien
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Olivier Musy
Aurélien Saidi

Résumé

We consider a static game with conjectural variations where some firms make conjectures while others do not. Two propositions are proved. We first show that there exists a continuum of conjectural variations such that the conjectural equilibrium locally coincides with the Stackelberg equilibrium (Proposition 1). Second, we define the conditions under which a conjectural equilibrium is a locally consistent equilibrium (i.e. such that conjectures are fulfilled). The concept of (local) consistency is restricted to firms making conjectures. Two conditions on consistency are featured: consistency within a cohort and consistency among cohorts. The Stackelberg equilibrium fulfills only the latter condition (Proposition 2). An example is provided.

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Dates et versions

halshs-01228003 , version 1 (21-11-2017)

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Ludovic Julien, Olivier Musy, Aurélien Saidi. The Stackelberg equilibrium as a consistent conjectural equilibrium. Economic Bulletin, 2011, 31 (1), pp.938-949. ⟨halshs-01228003⟩
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