English Explanatory Dictionary

Bertrand-Edgeworth model

English dictionary entry

Meanings

name
  1. A microeconomic model of price-setting oligopoly, dealing with the situation of a homogeneous product (i.e. consumers want to buy from the cheapest seller) and a limit to the output of firms which are willing and able to sell at a particular price.

Word forms

Bertrand-Edgeworth model the Bertrand-Edgeworth model

Etymology

Named after Joseph Bertrand and Francis Ysidro Edgeworth.

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