A.A. Cournot, and F.Y. Edgeworth created models of duopoly. What were the differences in their approaches?
A.A. Cournot, and F.Y. Edgeworth created models of duopoly. What were the differences in their approaches?
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The main difference is that cournot assumed that rivals believe that other firm will keeps its output constant whereas in Edgeworth model rivals believe that other firm will keep its output constant. In cournot model there is unlimited capacity to produce whereas in case if Edgeworth model a firm can't supply to whole market. In Edgeworth mode the result is indeterminate and prices and output keep changing but in cournot model firms reach a determinate solution where output and prices remain fixed
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A.A. Cournot, and F.Y. Edgeworth created models of
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