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Cournot’s model of oligopoly - page 28 / 38

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Nash equilibrium

t2

v

1

0

v

2

t1

Nash equilibria: (t1, t2) such that either

t1 = 0 and t2 v1

or

t2 = 0 and t1 v2.

That is: either player 1 concedes immediately and player 2 concedes at the earliest at time v1, or player 2 concedes immediately and player 1 concedes at the earliest at time v2.

28

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