Reconciling Cournot and Bertrand Outcomes: A Review

This paper reconciles the Cournot and Bertrand Models of oligopolistic competition, highlighting its weaknesses and giving an opinion thereafter. The pertinent question in this paper is why Cournot (1838) ignored the price and Bertrand (1883) ignored the quantity? From the review, the main conclusion of this paper is that oligopoly competition is guided in the long run by production capacity competition, as advocated by Cournot, equilibrated through price competition in the short run, as advocated by Bertrand.

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Year of publication:	2013-04
Authors:	Kirui, Benard Kipyegon
Publisher:	Dar es Salaam : University of Dar es Salaam
Subject:	Cournot competition \| Bertrand competition \| Equilibrium Theory \| Oligopoly \| Cournot Competition \| Bertrand Competition \| equilibrium

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Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Preprint
Language:	English
Other identifiers:	791098230 [GVK] hdl:10419/97305 [Handle] RePEc:zbw:esprep:97305 [RePEc]
Classification:	D43 - Oligopoly and Other Forms of Market Imperfection ; L13 - Oligopoly and Other Imperfect Markets
Source:	EconStor

Persistent link: https://www.econbiz.de/10010368126