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Price Competition and Market COncentration: An Experimental Study

M. Dufwenberg and Uri Gneezy

Working Papers from Uppsala - Working Paper Series

Abstract: The classical price competition model (named after Bertrand) prescribes that in equilibrium prices are equal to marginal costs. Moreover, prices do not depend on the number of competitors. Since this outcome is not in line with real-life observations, it is known as the "Bertrand Paradox". Many theoretical problems with the original model have been considered as an explanation of the paradox in the literature.

Keywords: PRICES; COMPETITION; MARKETS (search for similar items in EconPapers)
JEL-codes: D43 (search for similar items in EconPapers)
Date: 1998
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Journal Article: Price competition and market concentration: an experimental study (2000) Downloads
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Working Paper: Price Competition and Market Concentration: An Experimental Study (1998) Downloads
Working Paper: Price competition and market concentration: An experimental study (1998) Downloads
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