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We propose an approximation method for analyzing Ericson and Pakes (1995) -style dynamic models of imperfect competition. We define a new equilibrium concept that we call "oblivious equilibrium," in which each firm is assumed to make decisions based only on its own state and knowledge of the long run average industry state, but where firms ignore current information about competitors' states. The great advantage of oblivious equilibria is that they are much easier to compute than are Markovdoi:10.3386/w11900 fatcat:rsqpetlcf5butg2do4qb75c5eq