In this model the firms simultaneously choose prices ( see Bertrand competition ).

Some of the better-known models are the dominant firm model, the Cournot-Nash model, the Bertrand model and the kinked demand model

The Bertrand model is essentially the Cournot-Nash model except the strategic variable is price rather than quantity.

marginal costs and there will be zero profits .. A generalization of the Bertrand model is the Bertrand-Edgeworth Model that allows for capacity constraints and more general cost functions.

The model of Bertrand competition argued that Cournot had reached a very misleading conclusion ; he reworked Cournot's duopoly model using prices rather than quantities as the strategic variables thus showing that the equilibrium price was simply the competitive price.

* Bertrand model

* Bertrand competition, an economic model where firms compete in price

The model was heavily advertised by the Breitling Orbiter 3 — both Brian Jones and Bertrand Piccard were wearing the Emergency.

A 1979 Econometrica paper, " On Hotelling's ' Stability in Competition '" by Aspremont, Gabszewicz, and Thisse, argues that while the price competition in Hotelling's paper correctly addressed the Bertrand paradox, explaining how firms can compete in prices and still make positive profits, Hotelling made an error in reasoning in the second part of the paper where he attempts to endogenize the locations of the firms in his model and establishes his " law ".

Bertrand competition is a model of competition used in economics, named after Joseph Louis François Bertrand ( 1822-1900 ).

The model was formulated in 1883 by Bertrand in a review of Cournot's ( 1838 ) book in which Cournot had put forward the Cournot model.

The model was not formalized by Bertrand: however, the idea was developed into a mathematical model by Francis Ysidro Edgeworth in 1889.

Why is the competitive price a Nash equilibrium in the Bertrand model?

Hence the only equilibrium in the Bertrand model occurs when both firms set price equal to unit cost ( the competitive price ).

The Bertrand model rests on some very extreme assumptions.

The Bertrand model can be extended to include product or location differentiation but then the main result-that price is driven down to marginal cost-no longer holds.

But Sapir had since become influenced by a current of logical positivism, such as that of Bertrand Russel and the early Ludwig Wittgenstein, particularly through Ogden and Richards ' The Meaning of Meaning, from which he adopted the a view that natural language potentially obscures, rather than facilitates, the mind to perceive and describe the world as it really is.

Gottlob Frege did explicitly axiomatize a theory in which the formalized version of naive set theory can be interpreted, and it is this formal theory which Bertrand Russell actually addressed when he presented his paradox.

In 1960 Bertrand Russell resigned from the Campaign for Nuclear Disarmament in order to form the Committee of 100, which became, in effect, the direct action wing of CND.

According to the direct-reference view, an early version of which was originally proposed by Bertrand Russell, and perhaps earlier by Gottlob Frege, a proper name strictly has no meaning when there is no object to which it refers.

The Epimenides paradox appears explicitly in " Mathematical Logic as Based on the Theory of Types ", by Bertrand Russell, in the American Journal of Mathematics, volume 30, number 3 ( July, 1908 ), pages 222 – 262, which opens with the following:

) He opposed the Vietnam War and, along with Bertrand Russell and others, organized a tribunal intended to expose U. S. war crimes, which became known as the Russell Tribunal in 1967.

Gödel then studied number theory, but when he took part in a seminar run by Moritz Schlick which studied Bertrand Russell's book Introduction to Mathematical Philosophy, he became interested in mathematical logic.

At Bordeaux, Bertrand was formally notified of his election and urged to come to Italy, but he selected Lyon for his coronation on 14 November 1305, which was celebrated with magnificence and attended by Philip IV.

Alfred North Whitehead and Bertrand Russell attempted to complete, or at least greatly facilitate, this program with their seminal book Principia Mathematica, which purported to build a logically consistent set theory on which to found mathematics.

Gillette of Narbonne cures the King of France of a fistula, craves for spouse Bertrand de Roussillon, who marries her against his will, and hies him in despite to Florence, where, as he courts a young woman, Gillette lies with him in her stead, and has two sons by him ; for which cause he afterwards takes her into favour and entreats her as his wife.

During the Breton War of Succession, in 1356 and 1357, the city was laid siege to by Henry of Grosmont, the Duke of Lancaster, cousin of the English king, but Bertrand du Guesclin slipped into the city and took over the resistance, which would ultimately be victorious.

The English destroyed the shipping in St. Malo harbour and began to assault the town by land on 14 August, but John was soon hampered by the size of his army, which was unable to forage because French armies under Olivier de Clisson and Bertrand du Guesclin occupied the surrounding countryside, harrying the edges of his force.

This fact is sometimes thought to have severe consequences for the program of logicism proposed by Gottlob Frege and Bertrand Russell, which aimed to define the natural numbers in terms of logic ( Hellman 1981, p. 451 – 468 ).

Edward was successful in the Battle of Nájera, in which he soundly defeated the combined French and Castilian forces led by Bertrand du Guesclin.

Moore bases his theory on Carl Allen's letter to Jessup, in which Allen refers to a conversation between Einstein and Bertrand Russell acknowledging that the theory had been solved, but that man was not ready for it.

Parisian jeweller Claude Bertrand made his crown, which included diamonds.

There was also a major amusement park, Bertrand Island, which featured a world famous carousel and roller coaster.

The Coming Back ( 1933 ), another novel which portrays her, was written by Constance Malleson, one of Ottoline's many rivals for the affection of Bertrand Russell.

Bertrand Russell discussed the paradox briefly in § 38 of The Principles of Mathematics ( 1903 ), distinguishing between implication ( associated with the form " if p, then q "), which he held to be a relation between unasserted propositions, and inference ( associated with the form " p, therefore q "), which he held to be a relation between asserted propositions ; having made this distinction, Russell could deny that the Tortoise's attempt to treat inferring Z from A and B is equivalent to, or dependent on, agreeing to the hypothetical " If A and B are true, then Z is true.

After leaving the Rank Organisation in the early 1960s, Bogarde abandoned his heart-throb image for more challenging parts, such as barrister Melville Farr in Victim ( 1961 ), directed by Basil Dearden ; decadent valet Hugo Barrett in The Servant ( 1963 ), which garnered him a BAFTA Award, directed by Joseph Losey and written by Harold Pinter ; The Mind Benders ( 1963 ), a film ahead of its times in which Bogarde plays an Oxford professor conducting sensory deprivation experiments at Oxford University ( precursor to Altered States ( 1980 )); the anti-war film King & Country ( 1964 ), playing an army lawyer reluctantly defending deserter Tom Courtenay, directed by Joseph Losey ; a television broadcaster-writer Robert Gold in Darling ( 1965 ), for which Bogarde won a second BAFTA Award, directed by John Schlesinger ; Stephen, a bored Oxford University professor, in Losey's Accident, ( 1967 ) also written by Pinter ; Our Mother's House ( 1967 ), an off-beat film-noir directed by Jack Clayton in which Bogarde plays an n ' er do well father who descends upon " his " seven children on the death of their mother, British entry at the Venice Film Festival ; German industrialist Frederick Bruckmann in Luchino Visconti's La Caduta degli dei, The Damned ( 1969 ) co-starring Ingrid Thulin ; as ex-Nazi, Max Aldorfer, in the chilling and controversial Il Portiere di notte, The Night Porter ( 1974 ), co-starring Charlotte Rampling, directed by Liliana Cavani ; and most notably, as Gustav von Aschenbach in Morte a Venezia, Death in Venice ( 1971 ), also directed by Visconti ; as Claude, the lawyer son of a dying, drunken writer ( John Gielgud ) in the well-received, multi-dimensional French film Providence ( 1977 ), directed by Alain Resnais ; as industrialist Hermann Hermann who descends into madness in Despair ( 1978 ) directed by Rainer Werner Fassbinder ; and as Daddy in Bertrand Tavernier's Daddy Nostalgie, ( aka These Foolish Things ) ( 1991 ), co-starring Jane Birkin as his daughter, Bogarde's final film role.

Kinked demand potentially fosters supra-competitive prices because any one firm would receive a reduced benefit from cutting price, as opposed to the benefits accruing under neoclassical theory and certain game theoretic models such as Bertrand competition.

The British intellectual Bertrand Russell compared nuclear brinkmanship to the game of chicken.

Bertrand Russell famously compared the game of Chicken to nuclear brinkmanship:

There is another paradox in game theory that is named after him, called the Bertrand Paradox.

Other well-known games are the Bertrand game and the Cournot game.