Bertrand competition
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Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand. It describes interactions among firms that set prices and their customers that choose quan
When C1 < C2, Firm 1 can set the price between C1 and C2.
Joseph Bertrand
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Joseph Louis François Bertrand was a French mathematician and historian of science whose work emphasized number theory, differential geometry, probability theory, economics and thermodynamics.
Bertrand competition
…Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822–1900). It describes interactions among firms (sellers) that set prices and their customers (buyers) that choose quantities at the prices set. The…
Bertrand