Kreps-Scheinkman competition
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In microeconomics and industrial organization, the Kreps-Scheinkman model of competition between firms is an oligopoly model that tries to capture elements of both Bertrand competition and Cournot competition. In it, firms compete in prices, but have to choose a maximum quantity capacity and commit to it beforehand. The result of the model is then that, even though firms compete choosing prices (as in the Bertrand model of oligopoly), the final result is the same as in the Cournot model.[1]
It was first proposed by economists David Kreps and José Scheinkman in 1983.[citation needed]
References[edit]
- ↑ Kreps, David M.; Scheinkman, José (1983). "Quantity Precommitment and Bertrand Competition Yield Cournot Outcomes". The Bell Journal of Economics. 14 (2): 326–337. doi:10.2307/3003636.
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