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A New Approach to Modeling Bertrand Duopoly
Umeå University, Faculty of Social Sciences, Centre for Regional Science (CERUM).
2017 (English)In: Review of Behavioral Economics, ISSN 2326-6198, E-ISSN 2326-6201, Vol. 4, no 1, p. 51-67Article in journal (Refereed) Published
Abstract [en]

Bertrand oligopoly needs global demand functions which apply to close substitutes. This is a problem, because economic theory never supplied anything but local definitions for substitutes. Lancaster's "new theory of demand" is therefore invoked to supply one. In its format one can also quantify closeness of substitutes and incorporate optimisation of design. The present study focuses the pure price dynamics for Bertrand oligopoly when the design of the competing products is given, though quantified through Lancaster's approach. Resulting is some complex dynamics, including high periodicity and chaos.

Place, publisher, year, edition, pages
NOW PUBLISHERS INC , 2017. Vol. 4, no 1, p. 51-67
Keywords [en]
Bertrand oligopoly, Lancaster's new demand, Product design, Complex dynamics
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:umu:diva-145821DOI: 10.1561/105.00000058ISI: 000426000900003OAI: oai:DiVA.org:umu-145821DiVA, id: diva2:1192241
Available from: 2018-03-22 Created: 2018-03-22 Last updated: 2018-06-09Bibliographically approved

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Puu, Tönu

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