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Cournot’s model of oligopoly - page 23 / 38

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Strategic game

  • players: the two parties

  • each player’s set of actions is [0, ) (set of possible

concession times)

  • player i’s preferences are represented by payoff function

ui(t1, t2) =

1 2 ti vi ti vi tj

if ti < tj if ti = tj if ti > tj,

where j is the other player.

23

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