Bertrand Vs. Cournot: An Evolutionary Approach

P. L. Sacco and Carlo Scarpa

Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna

Abstract: In this paper we study an oligopoly game with a differentiated product using a dynamic evolutionary approach. Firms are allowed to choose between quantity setting and price setting behavior. We find that, under both classical interaction structures, namely 'random mating' and 'paying the field'. Quantity setting behavior (i.e., 'Cournot' behavior), is selected as an asymptotically stable state for the dynamics.

Date: 1992-07
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Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:138

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