Oligopoly - Puu, Tönu

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Résumé :
The book focuses classical oligopoly theory as developed in 1840-1940. By the end of this period oligopoly came under the spell of game theory in its probabilistic equilibrium format. Work by Cournot, von Stackelberg, Palander, and Hotelling, causal and dynamic in essence, but ignored, is reconsidered in the light of modern dynamics using topology and numerics. As particular features, von Stackelberg leadership is included in the dynamic Cournot model, the Hotelling problem is solved with elastic demand, thus skipping the absurd idea of quadratic transportation costs. Further, it is shown that the celebrated destabilisation of Cournot equilibrium under increased competition is due to mistakenly assuming constant returns, and that the whole idea of rational expectations is untenable in dynamic oligopoly. Early original ideas in oligopoly theory, such as coexistence and multiplicity of attractors are focused again after many undeserved decades of oblivion.

Biographie:
T?nu Puu is a Swedish economist of Estonian descent. Puu worked as acting full professor of Economics at Uppsala University 1963-1970, where he received his Ph.D. and was appointed ordinary Professor of Economics by Royal patent at Ume? University in 1971. After emeritation in 2001, he works as senior professor at the Centre for Regional Science (CERUM). In 2014 he was awarded the Doctor Jubilaris of Uppsala University. Puu has published over 20 books and 120 scholarly articles in economics, philosophy and mathematics. Topics studied include portfolio selection, investment and production, philosophy of science (in collaboration with Sir Karl Popper), spatial economics, economics of the arts, nonlinear dynamic processes, oligopoly and business cycles. Puu was Founder and Director 1987-2001 of the Nordic Baroque Music Festival and received in that capacity the Prize for extraordinary promotion of culture, awarded by the county government. Other musical interests are playing theviola da gamba, and being a luthier, making his own instruments....

Sommaire:
Introduction.- Cournot Oligopoly.- Duopoly and Complex Dynamics.- Stackelberg Leadership.- Capacity Limits.- Multistability.- The Hotelling Paradox.