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Consider a Bertrand model in which each firm may be inactive with aknown probability, so the number of active firms is uncertain. Thissimple model has a mixed-strategy equilibrium in which industryprofits are positive and decline with the number of firms, the samefeatures which make the Cournot...
Persistent link: https://www.econbiz.de/10011299982
Persistent link: https://www.econbiz.de/10001647286
Consider a Bertrand model in which each firm may be inactive with a known probability, so the number of active firms is uncertain. This simple model has a mixed-strategy equilibrium in which industry profits are positive and decline with the number of firms, the same features which make the...
Persistent link: https://www.econbiz.de/10014215328
We look at a Bertrand model in which each firm may be inactive with a known probability, so the number of active firms is uncertain. The model has a mixed-strategy equilibrium, in which industry profits are positive and decline with the number of firms, the same features which make the Cournot...
Persistent link: https://www.econbiz.de/10014117551
Persistent link: https://www.econbiz.de/10000674946