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	Science Fair Projects - Bertrand competition
		Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822-1900).
		Specifically, it is a model of price competition between duopoly firms which results in each charging the price that would be charged under perfect competition, known as marginal cost pricing.
		Bertrand predicts a duopoly is enough to push prices down to marginal cost level, that duopoly will result in perfect competition.
	www.all-science-fair-projects.com /science_fair_projects_encyclopedia/Bertrand_competition (927 words)

	Welcome to CNE Competition
		And TV competition, in its turn, is made possible by adverts for all those cars and cameras.
		The answer to our problem is competition; the answer is capitalism without adjectives, capitalism pure and simple and not our socially responsible eco-friendly ideologies which try to replace spontaneous order by planned disorder.
		Competition in the supply of electrically powered fridges is, by comparison, extremely easy to contrive.
	cnecompetition.org (2617 words)

	IESE Insight - Does Competition Stifle Innovation?
		Many previous studies suggest that increased competition reduces the amount of effort that goes into innovation because it encourages companies to target their resources to other areas where they are more likely to see results in the short term.
		In the paper "Innovation and Competitive Pressure", IESE Professor Xavier Vives demonstrates that precisely the opposite is true: In most cases, competitive pressure is a stimulus to innovation.
		His study shows that the relationship between indicators of competitive pressure and innovation does not depend on the type of mathematical specification used, and that it is found in both the Bertrand and Cournot models.
	insight.iese.edu /doc.asp?id=00608&ar=10 (774 words)

	Bertrand competition - Wikipedia, the free encyclopedia
		Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand (1822-1900).
		Specifically, it is a model of price competition between duopoly firms which results in each charging the price that would be charged under perfect competition, known as marginal cost pricing.
		Bertrand predicts a duopoly is enough to push prices down to marginal cost level, that duopoly will result in perfect competition.
	en.wikipedia.org /wiki/Bertrand_competition (965 words)

	Competition and Games Information Portal - WinLoseTie.com (Site not responding. Last check: 2007-10-23)
		Competition may be between two or more forces, systems, individuals, or groups, depending on the context in which the term is used.
		Competition may also exist at different sizes; some competitions may be between two members of a species, while other competitions can involve entire species.
		In an example in economics, a competition between two local stores would be considered small compared to competition between several mega-giants.
	www.winlosetie.com (599 words)

	Cournot-Bertrand Paper
		Cournot arrived at the equilibrium criticized by Bertrand by assuming that each rival took the other rivals' quantities as given and then put what would be its profit maximizing quantity on the market.
		Thus the derivation of figure 7 is identical with the derivation of the modern theory of differentiated oligopoly.
		Thus the equilibrium of competitive pricing for homogeneous goods under oligopoly is properly identified as being "Bertrand" or "Bertrand-Nash." But these labels should never be applied to the case of oligopolistic price rivalry with heterogeneous goods.
	www.indiana.edu /~econweb/faculty/morrpap1.html (1219 words)

	Home
		The finest French food nourishes the soul and lifts the spirit, and that is exactly the experience that you receive at Bertrand’s French Bistro.
		Bertrand’s is a recent addition to the downtown fine-dining scene located across from Perry Square.
		Bertrand is a French trained Certified Executive Chef and winner of “Erie’s Best Chef” competition in 2005.
	www.bertrandsbistro.com (125 words)

	SSRN-Bertrand Vs. Cournot Competition in Asymmetric Duopoly: The Role of Licensing by Arijit Mukherjee (Site not responding. Last check: 2007-10-23)
		This paper shows the possibility of higher welfare under Cournot competition in an asymmetric cost duopoly when the firms have the option for technology licensing.
		We find that if there is licensing with up-front fixed-fee, welfare is higher under Cournot competition compared to Bertrand competition when the initial cost difference of these firms is moderate; but, for very small or very large cost initial cost differences, welfare is higher under Bertrand competition.
		Mukherjee, Arijit, "Bertrand Vs. Cournot Competition in Asymmetric Duopoly: The Role of Licensing" (April 2003).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=401521 (227 words)

	Cournot Oligopoly - Cambridge University Press (Site not responding. Last check: 2007-10-23)
		While there are many issues that Cournot explored in researches into the mathematical principles of the theory of wealth, the topic that he is most readily associated with - and which now is also enjoying a revival - is his model of oligopolistic interaction among firms.
		This revival of interest in Cournot's model is due largely to increased emphasis by economists on capturing elements of imperfect competition and strategic behavior.
		Quantity precommitment and Bertrand competition yield Cournot outcomes David M. Kreps and José A. Scheinkman; 11.
	www.cambridge.org /uk/catalogue/catalogue.asp?isbn=0521022843 (401 words)

	[No title]
		Indeed, although global competition is typically generated from models such as the CES representative consumer or models of discrete choice with i.i.d.
		Monopolistic competition and optimal variety In Chamberlin's (1933) monopolistic competition model, products have downward sloping individual demands, yet there are so many firms that a free entry condition reasonably applies.
		Thus, while performance under global competition may not generate much cause for concern, there may be substantial welfare losses in situations characterized by a strong of degree of localized competition.
	www.virginia.edu /economics/papers/anderson/PD3-17-5.doc (3142 words)

	[No title]
		Introduction The importance of potential competition as a constraint on market power has been recognized in the industrial organization literature at least since work by Bain. Subsequent economic theory has formalized the relationship between firms not currently producing in an industry and market performance, and considerable empirical evidence confirms the role of such firms.
		Competition in prices results in equilibrium price at marginal cost so long as there are at least two firms.
		In this case incumbent competition is sufficiently strong that the existence of one or more potential entrants with the same unit cost is irrelevant to price determination.
	www.encore.nl /documents/kwokapc4a.doc (976 words)

	ePrintsUQ - Perfect Competition: Revisiting Bertrand and Cournot
		As part of a discussion of models of competition through the spectrum from monopolies to perfect competition, undergraduate economics students are introduced to two stylised models of markets devised by Bertrand and Cournot.
		Under the Bertrand model firms are price takers so firms produce up until the point that price equals marginal cost.
		Under the Cournot model, even in a perfectly competitive market where it is implied that all value is captured if the number of firms competing is sufficiently large marginal revenue can never equal price.
	eprint.uq.edu.au /archive/00003633 (162 words)

	APRIL 16 (Site not responding. Last check: 2007-10-23)
		Given strong assumptions, a two-period Bertrand model with firms choosing capacity in the first period and prices in the second can yield the same equilibrium as a one-period Cournot model with firms choosing quantities and an auctioneer choosing price.
		As a result, quantity competition can be thought of more generally as capacity competition followed by price competition.
		Model: Equation (1) showing the market value of the firm as a function of competitively determined future earnings adjusted for riskiness of the market for the good and the future value of being a part of a protected non-competitive market (third term).
	www.udel.edu /Economics/mulligaj/spring_1998/ec861/APRIL16.htm (808 words)

	Janssen, Maarten: Bertrand Competition Under Uncertainty (Site not responding. Last check: 2007-10-23)
		Consider a Bertrand model in which each firm may be inactive with a known probability, so the number of active firms is uncertain.
		This activity level can be endogenized in any of several ways-- as whether to incur a fixed cost of activity, as output choice, or as quality choice.
		Unlike in a Cournot model with similar incomplete information, Bertrand profits always increase in the probability other firms are inactive.
	www.nuff.ox.ac.uk /users/doornik/eswc2000/a/1309.html (139 words)

	Bertrand paradox (economics) - Wikipedia, the free encyclopedia
		In economics, the Bertrand paradox–so named for its creator, Joseph Bertrand–describes a situation in which two players (companies) reaching a state of Nash equilibrium in economic competition find themselves with no profits.
		The Bertrand paradox rarely appears in practice because real products are almost always differentiated in some way other than price (brand name, if nothing else); companies have limitations on their capacity to manufacture and distribute; and two companies rarely have identical costs.
		Bertrand's result is paradoxical because if the number of firms goes from one to two, the price decreases from the monopoly price to the competitive price and stays at the same level as the number of firms increases further.
	en.wikipedia.org /wiki/Bertrand_paradox_(economics) (529 words)

	Citations: Quantity precommitment and Bertrand competition yield Cournot outcomes - Kreps, Scheinkman (ResearchIndex) (Site not responding. Last check: 2007-10-23)
		in which second period competition is Bertrand, but the outcome of the full game may resemble that of either a Cournot or a Bertrand one period game, depending on the slope of the marginal cost function.
		Kreps, D.M. and J.A. Scheinkman (1983): "Quantity precommitment and Bertrand competition yield Cournot outcomes," Bell Journal of Economics, 14, 326-337.
		Kreps, David and Jose Scheinkman (1983) "Quantity Precommitment and Bertrand Competition and Yield Cournot Outcomes," Bell Journal of Economics, 14, Autumn 1983, 326-337.
	citeseer.ist.psu.edu /context/607022/0 (979 words)

	Real Options Conference 2003 Abstracts (Site not responding. Last check: 2007-10-23)
		Bertrand competition reflects more adequately situations where the market is of finite size, and the willingness to pay is driven by stochastic taste shocks.
		Next, we investigate the general competitive equilibrium problem between the firm and its suppliers when both suppliers are in the same foreign country (or, more generally, in two countries with perfectly correlated or pegged currencies).
		We derive competitive equilibria between the firm and its suppliers for several different values of underlying parameters that illustrate the impact of competition in global markets.
	www.realoptions.org /abstracts/abstracts03.html (9806 words)

	MADOC - Double Bertrand Tax Competition : A Fiscal Game with Governments Acting as Middlemen (Site not responding. Last check: 2007-10-23)
		In a common market with costless mobility of all factors, regional governments can attract mobile firms by granting subsidies which must be financed out of wage taxes on mobile labour.
		Since firms locate where subsidies are highest and workers settle where taxes are lowest, government are forced "in the splits" (double Bertrand-type tax competition).
		Results from the theory of intermediation are applied to this framework, enabling us to explain why government size may increase rather than decline under the the pressures of ongoing economic integration, how industrial clustering may emerge from tax competition, or how unemployment can be turned into job vacancies.
	bibserv7.bib.uni-mannheim.de /madoc/volltexte/2004/591/index.html (176 words)

	bertrand - OneLook Dictionary Search
		BERTRAND : 1911 edition of the Encyclopedia Britannica [home, info]
		Bertrand : Stedman's Online Medical Dictionary, 27th Edition [home, info]
		Phrases that include bertrand: bertrand russell, bertrand arthur william russell, aristide jean bertrand, bertrand competition, jean bertrand aristide, more...
	www.onelook.com /?w=bertrand (142 words)

	CEPR Discussion Paper Abstracts (Site not responding. Last check: 2007-10-23)
		In this paper I analyse the incentives for governments and producers to act strategically in imperfectly competitive markets when there is Bertrand competition.
		Strategic behaviour by producers implies inefficient investment in R&D. I contrast the outcomes with Bertrand competition with those in Cournot competition, which I analysed in an earlier paper (Ulph (1993a)).
		When governments and producers act strategically, this reduces the extent of government distortion of environmental policy, which is the same result as with Cournot, but for very different reasons; when governments use emission taxes then with Bertrand competition they set taxes below the first-best level, the reverse of what happens when only governments act strategically.
	www.cepr.org /pubs/new-dps/dplist.asp?dpno=1065 (341 words)

	CiteULike: Quantity Precommitment and Bertrand Competition Yield Cournot Outcomes (Site not responding. Last check: 2007-10-23)
		Bertrand's model of oligopoly, which gives perfectly competitive outcomes, assumes that: (1) there is competition over prices and (2) production follows the realization of demand.
		This illustrates that solutions to oligopoly games depend on both the strategic variables employed and the context (game form) in which those variables are employed.
		@article{citeulike:206112, abstract = {Bertrand's model of oligopoly, which gives perfectly competitive outcomes, assumes that: (1) there is competition over prices and (2) production follows the realization of demand.
	www.citeulike.org /user/toomash/article/206112 (224 words)

	Bertrand Duopoly
		This example considers the Bertrand pricing competition model of a duopoly.
		The two firms are Randy and Berty, makers of carob seed dog biscuits.
		Are there any laws of the land that try to promote price competition as an end, or at least try to prevent monopoly pricing and collusion?
	courses.temple.edu /economics/Econ_92/Game_Lectures/3rd-DomSolve/Bertrand.htm (372 words)

	Bertrand Competition under Uncertainty...
		This simple model has a mixed-strategy equilibrium in which industry profits are positive and decline with the number of firms, the same features which make the Cournot model attractive.
		Unlike in a Cournot model with similar incomplete information, Bertrand profits always ncrease in the probability other firms are inactive.
		Profits decline more sharply than in the Cournot model, and the pattern is similar to that found by Bresnahan and Reiss (1991).
	www.socionet.ru /publication.xml?h=repec:dgr:uvatin:19980083 (105 words)

	Differentiated Bertrand competition - Wikipedia, the free encyclopedia
		As a solution to the Bertrand paradox (economics) it has been suggested that each firm produces a somewhat differentiated product and consequently faces a demand curve that is downward-sloping for all levels of the firm's price.
		An increase in a competitor's price is represented as an increase (for example, an upward shift) of the firm's demand curve.
		Merger simulation models ordinarily assume differentiated Bertrand competition within a market that includes the merging firms.
	en.wikipedia.org /wiki/Differentiated_Bertrand_competition (142 words)

	AGH -- Francois Bertrand Interview
		Although FFL subsequently fared poorly against its rivals and was blasted by critics, hindsight is always 20/20.
		One reason for optimism among Jaguar fanatics at the time, however, was the expertise of its programmer.
		The main disadvantage of FFL, when you compare it to the competition, is the platform it's running on.
	www.atarihq.com /jaglynx/bertrand.html (1439 words)

	Reference.com/Encyclopedia/Bertrand competition
		Under some conditions the Cournot model can be recast as a two stage model, where in the first stage firms choose capacities, and in the second they compete in Bertrand fashion.
		The most critical flaw of the model is the assumption that firms compete in one period, the price being chosen and set for ever.
		The situation is analogous to the prisoner's dilemma, single-period version of which has completely opposite implications than the iterated version.
	www.reference.com /browse/wiki/Bertrand_competition (853 words)

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