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Under what conditions are cournot and bertrand equilibria the same? You may assume the
market demand is p = a ? bQ. Consider when firms are identical and different. If not, please
explain why.
Solution
Both are oligopoly models in which firms produce a homogeneous good. In the Cournot model,
each firm assumes its rivals will not change the quantity produced. In the Bertrand model, each
firm assumes its rivals will not change the price they charge. In both models, each firm takes
some aspect of its rivals behavior (either quantity or price) as fixed when making its own
decision.
The firms are taken identical because with the same degree of power influence over price and
output, the completion between the two will result in efficient level of production.

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  • 1. Under what conditions are cournot and bertrand equilibria the same? You may assume the market demand is p = a ? bQ. Consider when firms are identical and different. If not, please explain why. Solution Both are oligopoly models in which firms produce a homogeneous good. In the Cournot model, each firm assumes its rivals will not change the quantity produced. In the Bertrand model, each firm assumes its rivals will not change the price they charge. In both models, each firm takes some aspect of its rivals behavior (either quantity or price) as fixed when making its own decision. The firms are taken identical because with the same degree of power influence over price and output, the completion between the two will result in efficient level of production.