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In economics and commerce, the Bertrand paradox — named after its creator, Joseph Bertrand [1] — describes a situation in which two players (firms) reach a state of Nash equilibrium where both firms charge a price equal to marginal cost ("MC").
Pages in category "Paradoxes in economics" The following 43 pages are in this category, out of 43 total. ... Bertrand paradox (economics) D. Diamond-water paradox ...
Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set.
There are three different paradoxes called Bertrand's paradox or the Bertrand paradox: Bertrand paradox (economics) Bertrand paradox (probability) Bertrand's box paradox
As a solution to the Bertrand paradox in economics, it has been suggested that each firm produces a somewhat differentiated product, and consequently faces a demand curve that is downward-sloping for all levels of the firm's price.
From January 2008 to December 2012, if you bought shares in companies when Lloyd H. Dean joined the board, and sold them when he left, you would have a 12.1 percent return on your investment, compared to a -2.8 percent return from the S&P 500.
From January 2008 to December 2012, if you bought shares in companies when Carl Ware joined the board, and sold them when he left, you would have a 15.1 percent return on your investment, compared to a -2.8 percent return from the S&P 500.
The Bertrand paradox is a problem within the classical interpretation of probability theory. Joseph Bertrand introduced it in his work Calcul des probabilités (1889) [1] as an example to show that the principle of indifference may not produce definite, well-defined results for probabilities if it is applied uncritically when the domain of possibilities is infinite.