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A Model of the Evolution of Duopoly: Does the Asymmetry between Firms Tend to Increase or Decrease?

Abstract:

The stochastic evolution of competition depends on the respective effort rates of the firms. We show that several effects are at work. The state tends to evolve in the direction where joint payoffs are greater. Since joint payoffs are related to joint product-market profits less joint effort costs, there are two classes of effect: the joint-profit effect and various joint-cost effects. The latter result in part from the pattern of profits, and in part from endpoint effects that give relief fr...

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Journal:
Review of Economic Studies
Volume:
60
Publication date:
1993-01-01
URN:
uuid:de8b9d7a-79f6-4a81-a3c1-c14ab2fcede6
Local pid:
oai:economics.ouls.ox.ac.uk:11380
Language:
English

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