{"product_id":"on-the-comparison-of-price-and-quantity-competition-von-jill-thinnes","title":"On the Comparison of Price and Quantity Competition","description":"\u003cp\u003eIn a monopoly, the equilibrium outcome is the same  no matter if firms compete on price or on quantity. However, lots of firms have visible rivals with whom  strategic interaction is a fact of  life. This is known as imperfect competition. With imperfect competition, competing on price will lead  to a different outcome than competing on quantity.  Each firm needs to analyze what strategy, price or  quantity, brings the highest profit for the firm and the highest surplus for the  consumer.  In order to compare and contrast price and quantity competition, two classical models of duopoly, the  Cournot and the Bertrand model, are introduced.  These two models can be analyzed according to different setups. Homogeneous and  heterogeneous goods are considered. Also, it is  important to distinguish between simultaneous and  sequential move of the firms in their strategic  interaction. The sequential choosing of actions makes the game dynamic and is known as the Stackelberg  game. Furthermore, it is necessary to distinguish  between exogenous and endogenous moving time  decision of the firms.  This analysis should be especially useful to students and researchers in Microeconomics.\u003c\/p\u003e\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783844317282\"\u003e\u003ch3\u003eWhat Type of Competition is most preferred?\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783844317282","offer_id":39495947681885,"sku":"9783844317282","price":49.0,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/c27b513f-abea-44b1-b950-628441579f18.jpg?v=1739686791","url":"https:\/\/shop.autorenwelt.de\/en\/products\/on-the-comparison-of-price-and-quantity-competition-von-jill-thinnes","provider":"Autorenwelt Shop","version":"1.0","type":"link"}