Technical Note—Multimarket Cournot Equilibria with Heterogeneous Resource-Constrained Firms
研究了多市场环境下受预算或产能约束的异质性企业如何达到古诺均衡，提出了增强预算和截止预算概念，并分析了企业数量变化对产出、利润和消费者剩余的影响。
Charactering Cournot equilibria in settings with asymmetric firms is a challenging problem. In their technical note “Multimarket Cournot Equilibria with Heterogeneous Resource-Constrained Firms,” R. Caldentey and M. Haugh consider competition in a multimarket setting where firms are subject to varying budget or capacity constraints. They explicitly characterize the unique equilibrium in this environment by introducing the concepts of augmented and cutoff budgets for firms and markets. In particular, they show that a firm operates in a particular market if only if its augmented budget surpasses the market’s cutoff budget. They also investigate how the equilibrium properties change as the number of firms N varies while maintaining a fixed aggregate budget. They show via a numerical study that increasing N leads to a higher total output across all markets but that this monotonicity need not hold individual at the level of an individual market level. They also show that, although the firms’ cumulative payoff decreases in N, the consumer surplus and social surplus increase in N.