Qin, Cheng-Zhong; Stuart, Charles - In: Economic Theory 10 (1997) 3, pp. 497-507
Bertrand criticized Cournot's analysis of the competitive process, arguing that firms should be seen as playing a strategy of setting price below competitors' prices (henceforth, the Bertrand strategy) instead of a strategy of accepting the price needed to sell an optimal quantity (the Cournot...