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Aggregation with Cournot Competition: An Empirical Investigation

Abstract : This paper empirically investigates the existence of Cournot equilibrium and the validity of the Le Chatelier-Samuelson (LCS) principle in the aggregate. Whereas two well known existence conditions are statistically rejected, we cannot reject a third, original, condition. We also find some empirical evidence for the LCS principle, as well as both increasing and constant returns to scale for two-digit US manufacturing industries. The results highlight the importance of imperfect competition for understanding aggregate growth, investment and employment.
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Submitted on : Friday, March 2, 2018 - 4:09:17 PM
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Bertrand Koebel, Francois Laisney. Aggregation with Cournot Competition: An Empirical Investigation. Annals of Economics and Statistics, CNGP-INSEE, 2016, Annals of Economics and Statistics, pp.91-119. ⟨10.15609/annaeconstat2009.121-122.91⟩. ⟨hal-01721823⟩



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