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  • 1
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2012-11-22
    Description: This paper is about a model of Bertrand competition in a homogeneous-good market with free entry of identical firms and variable returns to scale. If the optimum number of active firms in the market is two or more, and the number of active firms is equal to that optimum number, then Bertrand equilibrium exists for that optimum number, and it does not exist if the number of active firms is less than the optimum. The model, however, does not rule out the existence of Bertrand equilibria with more active firms than the optimum number. Finally, when the optimum number of active firms in the market is one, Bertrand equilibrium does not exist.
    Keywords: D43 ; L13 ; ddc:330 ; Bertrand equilibrium ; variable returns to scale ; free entry ; number of firms
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
    Type: doc-type:article
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  • 2
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    Buenos Aires: Universidad del Centro de Estudios Macroeconómicos de Argentina (UCEMA)
    Publication Date: 2018-06-28
    Description: In this paper we show that a homogeneous-product market with multiple Bertrand equilibria becomes a market with a single Bertrand equilibrium when we introduce a small degree of product differentiation. When differentiation tends to zero, that Bertrand equilibrium converges to the unique price-taking equilibrium of the homogeneous-product market, which is in turn one of the multiple Bertrand equilibria for that market.
    Keywords: D43 ; L13 ; ddc:330 ; Bertrand equilibrium ; price-taking equilibrium ; product differentiation ; Oligopol ; Produktdifferenzierung ; Theorie
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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