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Article: On the Dynamic Efficiency of Bertrand and Cournot Equilibria

TitleOn the Dynamic Efficiency of Bertrand and Cournot Equilibria
Authors
Issue Date1997
PublisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jet
Citation
Journal Of Economic Theory, 1997, v. 75 n. 1, p. 213-229 How to Cite?
AbstractThis paper compares Bertrand and Cournot equilibria in a differentiated duopoly with R&D (research and development) competition. It shows that Cournot competition induces more R&D effort than Bertrand competition. However, the price is lower and output is larger in Bertrand than in Cournot competition. Furthermore, the Bertrand equilibrium is more efficient than the Cournot equilibrium if either R&D productivity is low, or spillovers are weak, or products are very different. If R&D productivity is high, spillovers are strong, and goods are close substitutes, then the Bertrand equilibrium islessefficient than the Cournot equilibrium.Journal of Economic LiteratureClassification Number: L13. © 1997 Academic Press.
Persistent Identifierhttp://hdl.handle.net/10722/177637
ISSN
2015 Impact Factor: 1.097
2015 SCImago Journal Rankings: 2.587
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorQiu, LDen_US
dc.date.accessioned2012-12-19T09:39:23Z-
dc.date.available2012-12-19T09:39:23Z-
dc.date.issued1997en_US
dc.identifier.citationJournal Of Economic Theory, 1997, v. 75 n. 1, p. 213-229en_US
dc.identifier.issn0022-0531en_US
dc.identifier.urihttp://hdl.handle.net/10722/177637-
dc.description.abstractThis paper compares Bertrand and Cournot equilibria in a differentiated duopoly with R&D (research and development) competition. It shows that Cournot competition induces more R&D effort than Bertrand competition. However, the price is lower and output is larger in Bertrand than in Cournot competition. Furthermore, the Bertrand equilibrium is more efficient than the Cournot equilibrium if either R&D productivity is low, or spillovers are weak, or products are very different. If R&D productivity is high, spillovers are strong, and goods are close substitutes, then the Bertrand equilibrium islessefficient than the Cournot equilibrium.Journal of Economic LiteratureClassification Number: L13. © 1997 Academic Press.en_US
dc.languageengen_US
dc.publisherAcademic Press. The Journal's web site is located at http://www.elsevier.com/locate/jeten_US
dc.relation.ispartofJournal of Economic Theoryen_US
dc.titleOn the Dynamic Efficiency of Bertrand and Cournot Equilibriaen_US
dc.typeArticleen_US
dc.identifier.emailQiu, LD: larryqiu@hku.hken_US
dc.identifier.authorityQiu, LD=rp01093en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1006/jeth.1997.2270en_US
dc.identifier.scopuseid_2-s2.0-0000470850en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0000470850&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume75en_US
dc.identifier.issue1en_US
dc.identifier.spage213en_US
dc.identifier.epage229en_US
dc.identifier.isiWOS:A1997XK43300011-
dc.publisher.placeUnited Statesen_US
dc.identifier.scopusauthoridQiu, LD=7201538008en_US

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