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Cournot, Bertrand, and game theory: A further note

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  • Robert Dimand
  • Mohammed Dore

Abstract

This note synthesizes the discussion on the role of Cournot and Bertrand in the analysis of duopoly by drawing on the history of the debate. We conclude that while Bertrand presented a critique of the mathematical economics of Cournot and stimulated the analysis of strategic choice in game theory, he did not present a duopoly model with price as a strategic variable, as opposed to Cournot's model with quantity. In fact, Cournot has both types of models. We show that Irving Fisher contributed to the myth about Bertrand's duopoly theory. Copyright International Atlantic Economic Society 1999

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  • 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.
    • Handle: RePEc:kap:atlecj:v:27:y:1999:i:3:p:325-333
    DOI: 10.1007/BF02299582
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    References listed on IDEAS

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    1. Robert W. Dimand, 1995. "Cournot, Bertrand, and Cherriman," History of Political Economy, Duke University Press, vol. 27(3), pages 563-578, Fall.
    2. Robert J. Leonard, 1992. "Reading Cournot, Reading Nash / or / The Emergence and Stabilization of the Nash equilibrium," Cahiers de recherche du Département des sciences économiques, UQAM 9214, Université du Québec à Montréal, Département des sciences économiques.
    3. Robert W. Dimand, 1988. "An Early Canadian Contribution to Mathematical Economics: J. B. Cherriman's 1857 Review of Cournot," Canadian Journal of Economics, Canadian Economics Association, vol. 21(3), pages 610-616, August.
    4. Clarence Morrison, 1998. "Cournot, bertrand, and modern game theory," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(2), pages 172-174, June.
    5. Dimand, R.W., 1994. "From Games of Pure Chance to Strategic Games: French Probabilists and Early Game Theory," Working Papers 1994-8, Brock University, Department of Economics.
    6. Leonard, Robert J, 1994. "Reading Cournot, Reading Nash: The Creation and Stabilisation of the Nash Equilibrium," Economic Journal, Royal Economic Society, vol. 104(424), pages 492-511, May.
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    Cited by:

    1. Clarence Morrison, 1999. "Dimand-Dore on cournot-bertrand: A reply and more," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 27(3), pages 334-339, September.
    2. Luca Lambertini & Manuela Mosca, 2014. "The Bertrand Paradox, the Useless Auctioneer and the Launhardt Model," Australian Economic Papers, Wiley Blackwell, vol. 53(3-4), pages 170-183, December.

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