Cournot, Bertrand, and game theory: A further note

Robert Dimand and Mohammed Dore

Atlantic Economic Journal, 1999, vol. 27, issue 3, 325-333

Abstract: This note synthesizes the discussion on the role of Cournot and Bertrand in the analysis of duopoly by drawing on the history of the debate. We conclude that while Bertrand presented a critique of the mathematical economics of Cournot and stimulated the analysis of strategic choice in game theory, he did not present a duopoly model with price as a strategic variable, as opposed to Cournot's model with quantity. In fact, Cournot has both types of models. We show that Irving Fisher contributed to the myth about Bertrand's duopoly theory. Copyright International Atlantic Economic Society 1999

Date: 1999
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DOI: 10.1007/BF02299582

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