On equivalence between Cournot competition and the Kreps-Scheinkman game

► Equivalence possibility between Kreps-Scheinkman (KS) game and Cournot competition. ► We assume a concave industrial revenue curve and asymmetric convex cost functions. ► We prove that the outcome of the KS game is a Cournot equilibrium. ► The reverse holds if the marginal cost in some special cases is not too high. ► Argue for a T-stage game framework to make competition form and timing endogenous.