An introduction to perfect and imperfect competition via bilateral oligopoly

Alex Dickson, Simone Tonin

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This paper explores the study of bilateral oligopoly, in which both sellers and buyers have substantial influence on the market. We lead readers coherently through the key results that emerge from the literature on bilateral oligopoly by means of worked examples based on the same underlying two commodity exchange economy, along with broader consideration of the relevant literature. This allows us to concisely compare the different equilibrium outcomes when agents act simultaneously vs sequentially, and when some/all agents are assumed to behave competitively, giving the reader much-needed straightforward access to the results of this challenging literature.
Original languageEnglish
Pages (from-to)103-128
Number of pages26
JournalJournal of Economics
Issue number2
Early online date20 Jan 2021
Publication statusE-pub ahead of print - 20 Jan 2021


  • exchange economy
  • bilateral oligopoly
  • Cournot-Walras
  • Cournot-Nash


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