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Admissible conjectures and consistent conjectures

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Holloway, G. orcid id iconORCID: https://orcid.org/0000-0002-2058-4504 (1993) Admissible conjectures and consistent conjectures. American Journal of Agricultural Economics, 75 (5). p. 1309. ISSN 0002-9092 doi: 10.1093/ajae/75.5.1295

Abstract/Summary

Firms' conjectures are consistent if their ex post behavior rationalizes their ex ante beliefs. Admissible conjectures are those that satisfy the necessary conditions for consistency. Competition is inadmissible unless aggregate output is stationary. Relaxing this restriction, admissibility eliminates Cournot behavior and constrains conduct to be collusive

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Item Type Article
URI https://reading-clone.eprints-hosting.org/id/eprint/30680
Identification Number/DOI 10.1093/ajae/75.5.1295
Refereed Yes
Divisions Life Sciences > School of Agriculture, Policy and Development > Department of Agri-Food Economics & Marketing
Publisher Oxford University Press
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