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Cournot, bertrand, and modern game theory

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  • Clarence Morrison

Abstract

Although it is not generally remembered or known, Cournot applied his equilibrium concept to both quantity rivalry and price rivalry. This makes some of the nomenclature in modern game theory seriously inappropriate. Several critics, past and present, have treated Cournot's quantity rivalry case as only conveniently veiled price rivalry. If Cournot's mathematics are pursued far enough, it is clear that he had a method that symmetrically applies to both quantity rivalry and price rivalry. Copyright International Atlantic Economic Society 1998

Suggested Citation

  • Clarence Morrison, 1998. "Cournot, bertrand, and modern game theory," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(2), pages 172-174, June.
    • Handle: RePEc:kap:atlecj:v:26:y:1998:i:2:p:172-174
    DOI: 10.1007/BF02299359
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    Cited by:

    1. Neri Salvadori & Rodolfo Signorino, 2013. "The Classical Notion of Competition Revisited," History of Political Economy, Duke University Press, vol. 45(1), pages 149-175, Spring.
    2. Robert Dimand & Mohammed Dore, 1999. "Cournot, Bertrand, and game theory: A further note," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 27(3), pages 325-333, September.

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