Bertrand competition
Videos
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.
Game theory
Videos
Game theory is the study of mathematical models of strategic interactions. It has applications in many fields of social science, and is used extensively in economics, logic, systems science and comput
Bertrand competition
…Nash equilibrium Game theory Bertrand paradox (economics…
John Nash
Example of a Bayesian game