Do Other Firms Matter in Oligopolies?
研究了寡头市场中企业如何根据竞争对手的实际产能和财务状况调整自身预期，发现领导者预期对手会激烈反应，而追随者则像古诺竞争者。
This paper examines how firms interact with their rivals. The main novelty of our approach is that we let conjectural variations depend on the actual ability of other firms to react, which we measure by both the physical capacity and financial status of firms. Our main findings are twofold. First, physical and financial capacity significantly affect conjectures. Second, we recover the implied conjectural variations and reject homogeneous conjectures. We generally find that leaders expect aggressive responses, and followers are Cournot players.