Renewed Efforts - behaviors and reactions of the rivals...

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Renewed Efforts: Though some economists fear instability in oligopolistic markets, efforts are made from time to time to analyze them. The earliest work in this respect is that of French economist, Cournot (1834). Since then Bertrand , Edgeworth , Stackelberg , Hall- Hitch , Chamberlin and others have produced different equilibrium models. The main difficulty that arises in this respect is about appropriate assumptions about
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Unformatted text preview: behaviors and reactions of the rivals. Economists do not have adequate information on this subject. The latest work in this respect is that of Paul Sweezy . His model is based on a new tool of analysis that he has introduced. It is in the form of a Kinked Demand Curve . This has become a popular part of oligopoly analysis....
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