MARKET MAKING OLIGOPOLY*
分析做市商在设定产能限制后进行价格竞争，发现唯一均衡结果是古诺竞争，为做市商间的古诺竞争提供了理论依据。
This paper analyzes price competition between market makers who set costly capacity constraints before they intermediate between producers and consumers. The unique equilibrium outcome with pure strategies at the capacity stage is the Cournot outcome. The paper thus provides a rationale for Cournot‐type competition between market makers. This contrasts with previous findings in the literature, where due to the absence of capacity constraints that are set ex ante the Bertrand result typically obtains.