Bertrand-Edgeworth model
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English
Etymology
Named after Joseph Bertrand and Francis Ysidro Edgeworth.
Proper noun
- (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.