Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/97305
Authors: 
Kirui, Benard Kipyegon
Year of Publication: 
Apr-2013
Abstract: 
This paper reconciles the Cournot and Bertrand Models of oligopolistic competition, highlighting its weaknesses and giving an opinion thereafter. The pertinent question in this paper is why Cournot (1838) ignored the price and Bertrand (1883) ignored the quantity? From the review, the main conclusion of this paper is that oligopoly competition is guided in the long run by production capacity competition, as advocated by Cournot, equilibrated through price competition in the short run, as advocated by Bertrand.
Subjects: 
Cournot Competition
Bertrand Competition
Oligopoly
equilibrium
JEL: 
D43
L13
Document Type: 
Preprint

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