A market is not competitive when the agents acting in such a market have the power to influence the price, directly or indirectly, something that does not occur under perfect competition. Generally, these agents have market power because they are few in number, have access to relevant information and can foresee the interdependence between their strategies and those of others.
KeywordsNash Equilibrium Inequity Aversion Oligopolistic Market Cournot Model Bertrand Equilibrium
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