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Dynamic properties of a Cournot–Bertrand duopoly game with differentiated products

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Listed author(s):
  • Naimzada, A.K.
  • Tramontana, F.

Abstract

In this paper we consider a Cournot–Bertrand duopoly model with linear demand and cost functions and with product differentiation. We propose a dynamic framework for the study of the stability properties of this kind of mixed oligopoly game, a rather neglected topic in the existing literature despite its relevance. In particular, in this paper we highlight the role of best response dynamics and of an adaptive adjustment mechanism for the stability of the equilibrium.

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File URL: http://www.sciencedirect.com/science/article/pii/S026499931200051X
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Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 29 (2012)
Issue (Month): 4 ()
Pages: 1436-1439

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Handle: RePEc:eee:ecmode:v:29:y:2012:i:4:p:1436-1439
DOI: 10.1016/j.econmod.2012.02.016
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/30411

Keywords: Cournot–Bertrand model; Product differentiation; Stability; Dynamics; Oligopoly theory;

Find related papers by JEL classification:

  • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
  • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
  • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
  • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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  1. Nirvikar Singh & Xavier Vives, 1984. "Price and Quantity Competition in a Differentiated Duopoly," RAND Journal of Economics, The RAND Corporation, vol. 15(4), pages 546-554, Winter.
  2. Piercarlo Zanchettin, 2006. "Differentiated Duopoly with Asymmetric Costs," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 15(4), pages 999-1015, December.
  3. Tremblay, Carol Horton & Tremblay, Victor J., 2011. "The Cournot-Bertrand model and the degree of product differentiation," Economics Letters, Elsevier, vol. 111(3), pages 233-235, June.
  4. Koji Okuguchi, 1970. "Adaptive Expectations in an Oligopoly Model," Review of Economic Studies, Oxford University Press, vol. 37(2), pages 233-237.
  5. Arya, Anil & Mittendorf, Brian & Sappington, David E.M., 2008. "Outsourcing, vertical integration, and price vs. quantity competition," International Journal of Industrial Organization, Elsevier, vol. 26(1), pages 1-16, January.
  6. Hackner, Jonas, 2000. "A Note on Price and Quantity Competition in Differentiated Oligopolies," Journal of Economic Theory, Elsevier, vol. 93(2), pages 233-239, August.
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Cited by:

  1. Han, Bing & Chouinard, Hayley H., 2014. "Product quality, advertising intensity and market size," Economics Letters, Elsevier, vol. 124(2), pages 215-218.
  2. Villena, Marcelo J. & Araneda, Axel A., 2017. "Dynamics and stability in retail competition," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 134(C), pages 37-53.

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