Bertrand-Edgeworth model

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English

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Etymology

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Named after Joseph Bertrand and Francis Ysidro Edgeworth.

Proper noun

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the Bertrand-Edgeworth model

  1. (economics) 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.
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