摘要：In this note, we address the problem of determining which conjectural variations general equilibria are consistent in strategic multilateral exchange. We therefore consider expectations in a simple conjectural general equilibrium model of a pure exchange economy under strategic interactions. Three results are obtained. Firstly, the competitive equilibrium is a locally consistent conjectural general equilibrium. Secondly, the symmetric Cournot oligopoly equilibrium is not a locally consistent conjectural general equilibrium. Thirdly, the symmetric collusive equilibrium is a locally consistent conjectural general equilibrium
