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Keywords:
hierarchical game; Nash equilibrium; stationarity conditions
hierarchical game; Nash equilibrium; stationarity conditions
Summary:
The paper concerns a two-level hierarchical game, where the players on each level behave noncooperatively. In this way one can model eg an oligopolistic market with several large and several small firms. We derive two types of necessary conditions for a solution of this game and discuss briefly the possibilities of its computation.
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