A General Cournot-Bertrand Model with Homogeneous Goods - Theoretical Economics Letters

TEL > Vol.1 No.2, August 2011

Theoretical Economics Letters

Volume 1, Issue 2 (August 2011)

ISSN Print: 2162-2078 ISSN Online: 2162-2086

Google-based Impact Factor: 1.19 Citations h5-index & Ranking

A General Cournot-Bertrand Model with Homogeneous Goods ()

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DOI: 10.4236/tel.2011.12009 8,563 Downloads 18,995 Views Citations

Author(s)

Carol Horton Tremblay, Mark J Tremblay, Victor J Tremblay

Affiliation(s)

ABSTRACT

We analyze a Cournot-Betrand model where one firm competes in output and the other competes in price. With general demand functions and perfectly homogeneous products, we show that the unique Nash equilibrium is the perfectly competitive equilibrium. Equilibrium price equals marginal cost, the Cournot-type firm produces the perfectly competitive level of market output, and the Bertrand-type firm exits the market. Even with just one firm in the market, the presence of a potential Bertrand-type competitor provides sufficient discipline to guarantee a competitive outcome.

KEYWORDS

Cournot-Bertrand Model, Product Differentiation

Share and Cite:

Tremblay, C. , Tremblay, M. and Tremblay, V. (2011) A General Cournot-Bertrand Model with Homogeneous Goods. Theoretical Economics Letters, 1, 38-40. doi: 10.4236/tel.2011.12009.

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