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Cournot's model of competition is typically presented for the case of a duopoly market structure; the following example provides a straightforward analysis of the Cournot model for the case of Duopoly. Therefore, suppose we have a market consisting of only two firms which we will call firm 1 and firm 2.
For example, in the classic Cournot model of oligopoly, it is assumed that each firm treats the output of the other firms as given when it chooses its output. This is sometimes called the "Nash conjecture," as it underlies the standard Nash equilibrium concept.
Cournot quantity competition, one of the first models of oligopoly markets was developed by Augustin Cournot in 1835. In Cournot’s model, there are two firms and each firm selects a quantity to produce, and the resulting total output determines the market price. [9] Bertrand Price Competition, Joseph Bertrand was the first to analyze this ...
The Cournot model and Bertrand model are the most well-known models in oligopoly theory, and have been studied and reviewed by numerous economists. [54] The Cournot-Bertrand model is a hybrid of these two models and was first developed by Bylka and Komar in 1976. [55] This model allows the market to be split into two groups of firms.
Piraveenan (2019) [110] in his review provides several examples where game theory is used to model project management scenarios. For instance, an investor typically has several investment options, and each option will likely result in a different project, and thus one of the investment options has to be chosen before the project charter can be ...
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The Bertrand model has similar assumptions to the Cournot model: Two firms; Homogeneous products; Both firms know the market demand curve; However, unlike the Cournot model, it assumes that firms have the same MC. It also assumes that the MC is constant. The Bertrand model, in which, in a game of two firms, competes in price instead of output ...