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Cournot’s model of oligopoly - page 25 / 38

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Best responses

Suppose player j concedes at time tj:

Intuitively: if tj is small then optimal for player i to wait until after tj; if tj is large then player i should concede immediately.

Precisely: if tj < vi:

t j

vi

ti

so any time after tj is a best response to tj

25

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