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20 Inperfect Competition 1

20 Inperfect Competition 1 - Topic 9 Competition between...

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4/7/2009 1 Topic 9: Competition between firms (1) USC Marshall Bertrand and Cournot competition Introduction Many markets are best characterized as oligopolistic markets – markets with a few large producers – Cars, computers, home electronics,… In such markets, the firms need to worry about the USC Marshall strategic interaction among themselves – Use game theory and Nash equilibrium to analyze the equilibrium in such markets Introduction Models of imperfect competition: Bertrand competition • Pricing choice with homogeneous products Cournot competition • Choice of capacity/output with homogeneous USC Marshall products Competition with differentiated products • Pricing choice with differentiated products • Various models of product differentiation
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