23 Jul WHAT IS THE SYMMETRIC NASH EQUILIBRIUM OUTPUT IN THE SECOND PERIOD?
There are two firms that compete on output in a single market. They will compete for two periods. Th Show more There are two firms that compete on output in a single market. They will compete for two periods. They both have the same cost of X 2 where X represents the cumulative production. That is the cost in period one is x1 2 ; the cost in period 2 is (x1 + x2) 2 . They face a demand curve of A-Bx in each period where x is the total demand in a single period. In the first period there no tax. The tax is the second period t2 is unknown. They will know the tax in the second period before they choose second period output but not when choosing first period output. a.What is the symmetric Nash equilibrium output in the second period? b.Will each firms first period output increase or decrease in uncertainty around t2? c.What if the slope of the demand B were uncertain in period 2. Would first period output change in uncertainty around B or not be affected by uncertainty around B? Show less
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