The paper extends the analysis of price competition among capacity-constrained sellers beyond the cases of duopoly and symmetric oligopoly.We first provide some general results for the oligopoly and then focus on the triopoly, providing a complete characterization of the mixed strategy...

The paper extends the analysis of price competition among capacity-constrained sellers beyond the cases of duopoly and symmetric oligopoly. We first provide some general results for the oligopoly and then focus on the triopoly, providing a complete characterization of the mixed strategy...

We analyze a Bertrand-Edgeworth game in a homogeneous product industry, under efficient rationing and constant (and identical across firms) marginal cost until full capacity utilization. We solve for the unique equilibrium in a subset of the no pure strategy equilibrium region of the capacity...

In this work we are concerned with static price games played by a given number of capacity- constrained firms producing a homogeneous commodity. The focus is mainly on capacity configurations in which either all firms are equal or all are so except a larger one and such that no pure strategy...

This paper incorporates imperfect divisibility of money in a price game where a given number of identical firms produce a homogeneous product at constant unit cost up to capacity. We find necessary and sufficient conditions for the existence of a pure strategy equilibrium. Unlike in the...

The paper proposes a rational reconstruction of the arguments developed by Malthus and Ricardo in their 1815 essays, Grounds of an Opinion and An Essay on Profits, to repudiate and endorse a policy of free corn trade, respectively. Malthus envisaged defence and opulence as two mutually...

This is an entry produced for the Handbook of the History of Economic Analysis, edited by Gilbert Faccarello and Heinz D. Kurz (eds). Volume 3. Cheltenham, UK and Northampton, MA, USA: Edward Elgar, forthcoming. We analyze competition as rivarly in a race, as a specific market structure, and as...

The paper analyzes Adam Smith’s views on monopoly focusing on Book IV and V of The Wealth of Nations and argues that Smith has left his analysis of monopoly in an embryonic form while the majority of scholars have assessed it starting from premises different from those, actually though...

The proof of the existence of the Standard commodity contained in Sraffa's book (section 37) has been debated recently. Lippi (2008) has argued that the algorithm in section 37 of Sraffa’s book is not precisely stated and does not need to converge to the desired eigenvalue and eigenvector. In...

We compare and analyse two different conceptions of market competition: the walrasian notion of perfect competition and the Classical notion of free competition: while the former may be described as an equilibrium state in which atomistic agents treat prices parametrically, the latter is a...