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Oligopoly - Cournot and Bertrand models (L14.4)
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Two models of oligopolistic market, based on simultaneous games are explained in this short video. Reaction functions, equilibrium in Cournot model as well as open tender mechanisms - you can easily understand them!
00:00 Start of the lecture
00:22 Cournot model of duopoly
09:45 Reaction functions
11:00 Equilibrium in Cournot model
13:53 Bertrand model of oligopoly
16:52 Conclusion
00:00 Start of the lecture
00:22 Cournot model of duopoly
09:45 Reaction functions
11:00 Equilibrium in Cournot model
13:53 Bertrand model of oligopoly
16:52 Conclusion
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