Spatial Competition within Urban Areas: Hotelling and Bertrand Reconciled
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چکیده
منابع مشابه
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. The model has the following assumptions: There are at least two firms producing ho...
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Consider a Bertrand model in which each rm may be inactive with a known probability, so the number of active rms is uncertain. This activity level can be endogenized in any of several ways{ as whether to incur a xed cost of activity, as output choice, or as quality choice. Our model has a mixed-strategy equilibrium, in which industry pro ts are positive and decline with the number of rms, the s...
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In this paper we propose a theory of Bertrand competition where firms form beliefs by considering only a subset of the available variables. This theory of coarse updating leads to equilibria where firms set prices according to constant mark-up strategies, which is consistent with the empirical evidence found in survey data. Moreover it leads to higher prices than the standard theory, which is i...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2000
ISSN: 1556-5068
DOI: 10.2139/ssrn.880452