Conjectural variations and general oligopoly equilibrium in pure exchange economies

In this note, we introduce conjectural variations in a simple general oligopoly equilibrium model of a pure exchange economy. Three results are obtained. First, the price and utility levels generally increase with the value taken by conjectures. Second, when the conjectural variation takes its minimum value the competitive equilibrium is reached, independently of the number of agents acting in each sector. Third, the Cournot-Walras equilibrium may be viewed as a case where the conjectural variations in one sector take a zero value.