Cournot Model and Stackelberg Model (With Diagram)
The Cournot Model and the Cournot Solution: The first systematic oligopoly model was published by the French economist Antoine Augustin Cournot (1801-77) in 1838. Although Cournot's model was based on some unrealistic assumptions, his method of analysis has been useful for subsequent theoretical development in the areas of duopoly and oligopoly. The Assumptions of the Cournot Model: The Cournot model [...]