In this paper we present a dynamic discrete-time model that allows to investigate the impact of risk-aversion in an oligopoly characterized by a homogeneous non-storable good, sticky prices and uncertainty. The continuous-time limit of our formulation nests the classical dynamic oligopoly model with sticky prices by Fershtman and Kamien (Econometrica 55:1151–1164, 1987) and extends it by accommodating uncertainty and risk-aversion. We show that in the continuous-time limit of our infinite horizon formulation the optimal production strategy and the consequent equilibrium price are, respectively, directly and inversely related to the degrees of uncertainty and risk-aversion. However, the effect of uncertainty and risk-aversion crucially depends on price stickiness since, when prices can adjust instantaneously, the steady state equilibrium in our model with uncertainty and risk-aversion collapses to Fershtman and Kamien’s analogue.

在本文中，我们提出了一个动态的离散时间模型，该模型可以研究以均质的不可存储商品，粘性价格和不确定性为特征的寡头垄断中风险规避的影响。我们公式的连续时间限制将经典的动态寡头模型与粘滞价格嵌套在Fershtman和Kamien的著作中（Econometrica 55：1151-1164，1987），并通过适应不确定性和风险规避来扩展它。我们表明，在无限期公式的连续期限内，最优生产策略和相应的均衡价格分别与不确定性和风险规避的程度成正比和成反比。但是，不确定性和规避风险的影响主要取决于价格的粘性，因为当价格可以即时调整时，