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Admissible conjectures and consistent conjectures

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Holloway, G. ORCID: 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

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To link to this item 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

Item Type:Article
Refereed:Yes
Divisions:Life Sciences > School of Agriculture, Policy and Development > Department of Agri-Food Economics & Marketing
ID Code:30680
Publisher:Oxford University Press
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