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Bertrand and Price-Taking Equilibria in Markets with Product Differentiation

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  • Germán Coloma

Abstract

In this paper we show that a homogeneous-product market with multiple Bertrand equilibria becomes a market with a single Bertrand equilibrium when we introduce a small degree of product differentiation. When differentiation tends to zero, that Bertrand equilibrium converges to the unique price-taking equilibrium of the homogeneous-product market, which is in turn one of the multiple Bertrand equilibria for that market.

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Bibliographic Info

Paper provided by Universidad del CEMA in its series CEMA Working Papers: Serie Documentos de Trabajo. with number 369.

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Length: 10 pages
Date of creation: Feb 2008
Date of revision:
Handle: RePEc:cem:doctra:369

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Keywords: Bertrand equilibrium; price-taking equilibrium; product differentiation;

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  1. Caplin, A. & Nalebuff, B., 1989. "Aggregation And Imperfect Competition: On The Existence Of Equilibrium," Discussion Papers 1989_30, Columbia University, Department of Economics.
  2. Germán Coloma & Alejandro Saporiti, 2006. "Bertrand equilibria in markets with fixed costs," The School of Economics Discussion Paper Series 0627, Economics, The University of Manchester.
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