On Stackelberg competition in strategic multilateral exchange

► We model Stackelberg competition in interrelated markets. ► The Stackelberg equilibrium concept is defined. ► We also provide an example and make comparisons with other strategic general equilibria. ► The Stackelberg equilibria converge toward the competitive equilibrium when the number of leaders increases unboundedly. ► The Stackelberg and Stackelberg-Cournot equilibria are Pareto dominated by the competitive equilibrium.