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- W2527386491 abstract "Duopolists anticipating each other’s reactions in a game of repeated interaction do not settle at the Cournot or Bertrand equilibrium of the corresponding one-shot game. In this essay I show that there is a process of trial and error driving duopolists to a steady-state equilibrium where they stay until the end of time. I do this for a model with linear demand and constant marginal costs. The equilibrium happens to be the well-known consistent-conjectures equilibrium and does not depend on the strategic variable used during the process. Regardless of whether the duopolists set quantities a la Cournot or prices a la Bertrand the outcome is the same. Surprisingly, Cournot and Bertrand shake hands in the steady state. How it all works is told by the story of Bob, Bernie and the boobles and the way they tacitly coordinate their behavior." @default.
- W2527386491 created "2016-10-07" @default.
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- W2527386491 date "2016-01-01" @default.
- W2527386491 modified "2023-09-25" @default.
- W2527386491 title "The Fantastic Tale of Bob, Bernie and the Boobles: How They Coordinated Their Behavior Tacitly and the Unexpected Handshake between Cournot and Bertrand" @default.
- W2527386491 doi "https://doi.org/10.2139/ssrn.2823589" @default.
- W2527386491 hasPublicationYear "2016" @default.
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