General Equilibrium Concepts under Imperfect Competition: A Cournotian Approach

In a pure exchange economy we propose a general equilibrium concept under imperfect competition, the “Cournotian Monopolistic Competition. Equilibrium,” and compare it to the Cournot–Walras and the Monopolistic Competition concepts. The advantage of the proposed concept is to require less computational ability from the agents. The comparison is made first through a simple example, then through a more abstract concept, theP-equilibrium, based on a general notion of price coordination, the pricing-scheme.