Reconciling Cournot and Bertrand Outcomes: A Review

Benard Kipyegon Kirui

EconStor Preprints from ZBW - Leibniz Information Centre for Economics

Abstract: 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.

Keywords: Cournot Competition; Bertrand Competition; Oligopoly; equilibrium (search for similar items in EconPapers)
JEL-codes: D43 L13 (search for similar items in EconPapers)
Date: 2013-04
New Economics Papers: this item is included in nep-com, nep-his and nep-ind
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:esprep:97305

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