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- Bertrand_competition abstract "Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set. The model was formulated in 1883 by Bertrand in a review of Antoine Augustin Cournot's (1838) book in which Cournot had put forward the Cournot model. Cournot argued that when firms choose quantities, the equilibrium outcome involves firms pricing above marginal cost and hence the competitive price. In his review Bertrand argued that if firms chose prices rather than quantities, then the competitive outcome would occur with price equal to marginal cost. The model was not formalized by Bertrand: however, the idea was developed into a mathematical model by Francis Ysidro Edgeworth in 1889.The model rests on very specific assumptions. There are at least two firms producing a homogeneous (undifferentiated) product and can not cooperate in any way. Firms compete by setting prices simultaneously and consumers want to buy everything from a firm with a lower price (since the product is homogeneous and there are no consumer search costs). If two firms charge the same price, consumers demand is split evenly between them. It is simplest to concentrate on the case of duopoly where there are just two firms, although the results hold for any number of firms greater than 1.A crucial assumption about the technology is that both firms have the same constant unit cost of production, so that marginal and average costs are the same and equal to the competitive price. This means that as long as the price it sets is above unit cost, the firm is willing to supply any amount that is demanded (it earns profit on each unit sold). If price is equal to unit cost, then it is indifferent to how much it sells, since it earns no profit). Obviously, the firm will never want to set a price below unit cost, but if it did it would not want to sell anything since it would lose money on each unit sold.".
- Bertrand_competition thumbnail Economics_bertrand_diag1.png?width=300.
- Bertrand_competition wikiPageExternalLink chapter6.pdf.
- Bertrand_competition wikiPageExternalLink index.html.
- Bertrand_competition wikiPageExternalLink CadresFenetre?O=NUMM-24378&I=121&M=tdm.
- Bertrand_competition wikiPageExternalLink Bertrand1883.pdf.
- Bertrand_competition wikiPageID "1462677".
- Bertrand_competition wikiPageLength "11027".
- Bertrand_competition wikiPageOutDegree "39".
- Bertrand_competition wikiPageRevisionID "622968582".
- Bertrand_competition wikiPageWikiLink Aggregative_game.
- Bertrand_competition wikiPageWikiLink Antoine_Augustin_Cournot.
- Bertrand_competition wikiPageWikiLink Bertrand_paradox_(economics).
- Bertrand_competition wikiPageWikiLink Bertrand–Edgeworth_model.
- Bertrand_competition wikiPageWikiLink Best_response.
- Bertrand_competition wikiPageWikiLink Category:Competition_(economics).
- Bertrand_competition wikiPageWikiLink Category:Economics_models.
- Bertrand_competition wikiPageWikiLink Category:Game_theory.
- Bertrand_competition wikiPageWikiLink Category:Oligopoly.
- Bertrand_competition wikiPageWikiLink Collusion.
- Bertrand_competition wikiPageWikiLink Conjectural_variation.
- Bertrand_competition wikiPageWikiLink Cournot_competition.
- Bertrand_competition wikiPageWikiLink Differentiated_Bertrand_competition.
- Bertrand_competition wikiPageWikiLink Duopoly.
- Bertrand_competition wikiPageWikiLink Edgeworth_paradox.
- Bertrand_competition wikiPageWikiLink File:Economics_bertrand_diag1.png.
- Bertrand_competition wikiPageWikiLink File:Economics_bertrand_diag2.png.
- Bertrand_competition wikiPageWikiLink Francis_Ysidro_Edgeworth.
- Bertrand_competition wikiPageWikiLink Game_theory.
- Bertrand_competition wikiPageWikiLink Huw_Dixon.
- Bertrand_competition wikiPageWikiLink Joseph_Bertrand.
- Bertrand_competition wikiPageWikiLink Limit_price.
- Bertrand_competition wikiPageWikiLink Marginal_cost.
- Bertrand_competition wikiPageWikiLink Monopoly.
- Bertrand_competition wikiPageWikiLink Nash_equilibrium.
- Bertrand_competition wikiPageWikiLink Perfect_competition.
- Bertrand_competition wikiPageWikiLink Price_dispersion.
- Bertrand_competition wikiPageWikiLink Product_differentiation.
- Bertrand_competition wikiPageWikiLink Production_function.
- Bertrand_competition wikiPageWikiLink Stackelberg_competition.
- Bertrand_competition wikiPageWikiLinkText "Bertrand Competition Model".
- Bertrand_competition wikiPageWikiLinkText "Bertrand competition".
- Bertrand_competition wikiPageWikiLinkText "Bertrand".
- Bertrand_competition wikiPageUsesTemplate Template:Game_theory.
- Bertrand_competition wikiPageUsesTemplate Template:Reflist.
- Bertrand_competition subject Category:Competition_(economics).
- Bertrand_competition subject Category:Economics_models.
- Bertrand_competition subject Category:Game_theory.
- Bertrand_competition subject Category:Oligopoly.
- Bertrand_competition hypernym Model.
- Bertrand_competition type Model.
- Bertrand_competition type Person.
- Bertrand_competition type Model.
- Bertrand_competition type Page.
- Bertrand_competition type Redirect.
- Bertrand_competition comment "Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set. The model was formulated in 1883 by Bertrand in a review of Antoine Augustin Cournot's (1838) book in which Cournot had put forward the Cournot model.".
- Bertrand_competition label "Bertrand competition".
- Bertrand_competition sameAs Q828555.
- Bertrand_competition sameAs Bertrand-konkurrence.
- Bertrand_competition sameAs Bertrand-Wettbewerb.
- Bertrand_competition sameAs Competencia_de_Bertrand.
- Bertrand_competition sameAs Bertrand_konkurrentzia.
- Bertrand_competition sameAs Duopole_de_Bertrand.
- Bertrand_competition sameAs מודל_ברטראן.
- Bertrand_competition sameAs Modello_di_Bertrand.
- Bertrand_competition sameAs ベルトラン競争.
- Bertrand_competition sameAs 베르트랑_모형.
- Bertrand_competition sameAs Model_Bertranda.
- Bertrand_competition sameAs Modelo_de_Bertrand.
- Bertrand_competition sameAs m.053h8j.
- Bertrand_competition sameAs Concurență_de_tip_Bertrand.
- Bertrand_competition sameAs Модель_Бертрана.
- Bertrand_competition sameAs Bertrand-modellen.
- Bertrand_competition sameAs Модель_Бертрана.
- Bertrand_competition sameAs Q828555.
- Bertrand_competition sameAs 伯川德竞争.
- Bertrand_competition wasDerivedFrom Bertrand_competition?oldid=622968582.
- Bertrand_competition depiction Economics_bertrand_diag1.png.
- Bertrand_competition isPrimaryTopicOf Bertrand_competition.