Cover Image
QR Code

The Dynamics of Some Discrete Time Duopoly Price Games Involving Cournot and Related Best-response Strategies.

The article focuses on the concepts, pricing methods and problems of duopoly and presents solutions. Section I displays the demand, cost and utility functions. The price games considered are non-cooperative, with perfect and complete information. Edgeworth rejected Cournot's output dependence in duo...

Full description

Published in:Economica Vol. 45; no. 179; pp. 297 - 304
Main Authors: Murray, Ian W., Rickard, John A.
Format: Article
Published: Wiley-Blackwell Aug78
Subjects:
Cost
Utility functions
Pricing
Economic equilibrium
Games
Online Access:View this record in EBSCOhost
Summary:The article focuses on the concepts, pricing methods and problems of duopoly and presents solutions. Section I displays the demand, cost and utility functions. The price games considered are non-cooperative, with perfect and complete information. Edgeworth rejected Cournot's output dependence in duopoly and introduced the idea of price dependence. Section III offers solution to the various games. The solution of every game considered in this paper tends to a stable equilibrium at the Cournot point for large time.