Price competition and market concentration: an experimental study

The classical price competition model (named after Bertrand), prescribes that in equilibrium prices are equal to marginal costs. Moreover, prices do not depend on the number of competitors. Since this outcome is not in line with real-life observations, it is known as the ‘Bertrand Paradox.’ In exper...

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Veröffentlicht in:	International journal of industrial organization 2000, Vol.18 (1), p.7-22
Hauptverfasser:	Dufwenberg, Martin, Gneezy, Uri
Format:	Artikel
Sprache:	eng
Schlagworte:	Bertrand model Bounded rationality Competition Costs Economic concentration Experiment Experimental economics Industrial economics Learning Market concentration Noise-bidding Price competition Price models Prices Rationality Studies
Online-Zugang:	Volltext
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