IN CONTEXT
Markets and firms
Antoine Augustin Cournot (1801–77)
Joseph Bertrand (1822–1900)
1668 German scientist Johann Becher discusses the impact of competition and monopoly in his Political Discourse.
1776 Adam Smith describes how perfect competition maximizes social welfare.
1883 French mathematician Joseph Bertrand changes the strategic choices in Cournot’s model from quantity to price.
1951 US economist John Nash publishes the general definition of equilibrium for game theory, using Cournot’s duopoly as his first example.
By the second half of the 17th century economists had begun to observe the effects in markets of ...
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