ritically discuss the view that the Cournot, Bertrand and Stackelberg models of oligopoly are fundamentally flawed and are unable to explain recent events in the markets and industries.

35 multiple choice | Numerical analysis homework help
September 12, 2021
math question for sixth grade
September 12, 2021

ritically discuss the view that the Cournot, Bertrand and Stackelberg models of oligopoly are fundamentally flawed and are unable to explain recent events in the markets and industries.

Critically discuss the view that the Cournot, Bertrand and Stackelberg models of oligopoly are fundamentally flawed and are unable to explain recent events in the markets and industries.
1. Introduction – 150 words2. Theory – 600 words3. Analysis and empirical examples – 600 words4. Conclusion – 150 words
Detailed structure:Cournot oligopoly – explain and present the model with mathematical equations and graphs1. Main assumptions2. Cournot equilibrium (Nash)3. Implications of Cournot’s assumptions4. Reaction curves approach – “Iso – profit curves” – present with graph5. Limitations of the model6. Empirical example
Bertrand’s Model – “Buyer’s perspective”1. Assumptions2. Bertrand equilibrium3. Iso – profit locus: Bertrand’s Model – explanation + graph4. Implications of the model5. Limitations6. Bertrand’s equilibrium with differentiated products7. Example
Stackelberg’s models – “Price leadership”1. Stackelberg’s model: Leader’s demand curve;2. Present the model with equations and graph3. Present Stackelberg’s equilibrium + graph4. Limitations of the model: Stackelberg games5. Example
Compare the three non-collusive models: Bertrand, Cournot and Stackelberg
The essay should be an analytical answer to the topic.
Example references:
Giocoli, N. (2004), “Nash equilibrium”, History of political economy, 36 (4): 639-666Dimand, R. W. and Dore, M. H. I. (1999), “Cournot, Bertrand and Game Theory: A further note”, American Economic Journal, 27 (3): 325-33Estrin, Dietrich and Laidler (2012), Microeconomics – Chapters 13 and 15

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