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• W1970690717 abstract "The typical oligopolistic industry is profitable, but not outrageously so. It is moderately concentrated. It is vulnerable to entry. Excess capacity is endemic, and price cutting is intermittent. These features of oligopoly as a whole have evaded theorizing that has a strong individual-rationality orientation.’ A rationality-based theory of imperfect competition faces a fundamental information problem: Some of the information required for rational individual decisions is not revealed in terms of prices. In duopoly, for example, how firm A will react to an output change by firm B is firm A’s private information. Arrow (1986) explained the nature of the difficulty faced by rationality-based theories of imperfect competition as follows:" @default.
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• W1970690717 date "1991-03-01" @default.
• W1970690717 modified "2023-09-27" @default.
• W1970690717 title "A behavioral theory of oligopoly" @default.
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• W1970690717 doi "https://doi.org/10.1016/1053-5357(91)90014-k" @default.
• W1970690717 hasPublicationYear "1991" @default.
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