Can you suggest a better game theory than Cournot, Stackelberg and Bertrand?  The Cournot Model: what happens when two firms compete simultaneously on the quantity of output they produce of a homogeneous good. The Stackelberg Model: what happens when two firms compete sequentially on the quantity of output they produce of a homogeneous good. The Bertrand Model: what happens when two firms compete simultaneously on the price of a homogenous good.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter13: best-practice Tactics: Game Theory
Section: Chapter Questions
Problem 12E
icon
Related questions
Question

Can you suggest a better game theory than Cournot, Stackelberg and Bertrand? 

The Cournot Model: what happens when two firms compete simultaneously on the quantity of output they produce of a homogeneous good.


The Stackelberg Model: what happens when two firms compete sequentially on the quantity of output they produce of a homogeneous good.


The Bertrand Model: what happens when two firms compete simultaneously on the price of a homogenous good. 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Best Response Function
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Managerial Economics: Applications, Strategies an…
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Microeconomic Theory
Microeconomic Theory
Economics
ISBN:
9781337517942
Author:
NICHOLSON
Publisher:
Cengage
Economics:
Economics:
Economics
ISBN:
9781285859460
Author:
BOYES, William
Publisher:
Cengage Learning
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,