Mixed oligopoly, subsidization and the order of firms' moves: an irrelevance result

Abstract

In the presence of output subsidization, the optimal output subsidy is identical and profits, output and social welfare are also identical irrespective of whether (i)a public firm moves simultaneously with n private firms or (ii) it acts as a Stackelberg leader or (iii) all firms, public and private, behave as profit-maximizers.

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