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TEN YEARS OF GENERAL OLIGOPOLISTIC EQUILIBRIUM: A SURVEY
Author(s) -
Colacicco Rudy
Publication year - 2015
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/joes.12084
Subject(s) - oligopoly , economics , competition (biology) , general equilibrium theory , set (abstract data type) , mathematical economics , embedding , microeconomics , econometrics , computer science , cournot competition , ecology , programming language , biology , artificial intelligence
In this paper, I survey the recent and rapidly increasing theoretical literature using the brand‐new approach in embedding oligopolistic competition in general equilibrium, as designed by J. Peter Neary. First, I introduce the reader to Neary's approach, by describing the main ingredients. Then, I present a comprehensive set of studies that, over the last decade, apply this approach in different contexts, most of which are in open economy, and I examine the relevant outcomes. Although the theoretical literature has generously advanced, there is a lack of research on the empirical side, which would be an important area for future research besides theoretical extensions, some of which I highlight in the conclusions.