Cournot, bertrand, and modern game theory
Although it is not generally remembered or known, Cournot applied his equilibrium concept to both quantity rivalry and price rivalry. This makes some of the nomenclature in modern game theory seriously inappropriate. Several critics, past and present, have treated Cournot's quantity rivalry case as only conveniently veiled price rivalry. If Cournot's mathematics are pursued far enough, it is clear that he had a method that symmetrically applies to both quantity rivalry and price rivalry. Copyright International Atlantic Economic Society 1998
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Volume (Year): 26 (1998)
Issue (Month): 2 (June)
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