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AA00260492-19980002-0061.pdf
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Title |
Title |
CONTESTABILITY AND BERTRAND EQUILIBRIUM: A UNIFIED APPROACH
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RAY CHAUDHURI, Prabal
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Indian Institute of Management
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Keio Economic Society, Keio University
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1998
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Keio economic studies
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35
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2
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1998
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61
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70
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Abstract |
We seek to unify the standard Bertrand duopoly outcome and the contestable outcome in a single model with price competition. We demonstrate that for small values of the fixed cost, the standard Bertrand duopoly outcome emerges as the equilibrium. For a large enough fixed cost, the unique equilibrium of this game yields the contestable outcome. Interestingly enough, for intermediate values of the fixed cost, duopoly outcomes may co-exist with the contestable one. Furthermore, we find that even under decreasing returns to scale a contestable outcome may exist.
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