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Bertrand equilibrium with subadditive costs

Krishnendu Dastidar ()

Economics Letters, 2011, vol. 112, issue 2, 202-204

Abstract: We show here, in contrast to recent results, that if firms have different cost functions (that are strictly subadditive), such that the 'monopoly breakeven prices' are different, then in a homogeneous product duopoly there is always a Bertrand equilibrium (either in pure strategies or in mixed strategies).

Keywords: Bertrand; equilibrium; Subadditive; costs; Existence (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:eee:ecolet:v:112:y:2011:i:2:p:202-204