Bertrand competition
Definition
Market situation in which each firm and its competitors make their output and pricing decision on the assumption that their competitors will not change their prices from the current level. Named after the French mathematician Joseph Bertrand (1822-1900) who researched its mathematical basis. See also Cournot competition.
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Bertrand competition is in the Disaster Planning & Risk Management and Economics, Politics, & Society subjects.
Bertrand competition appears in the definition of the following term: Cournot competition
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