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What is Oligopoly?
Before we head over to Cournot’s model one should understand oligopoly properly. The market structure where a small group of firms holds large amount of market share. It is similar to monopoly but in these two firms or more dominates market rather than a single firm. No upper limit to number of firms but that number should be low in a way where actions of a single firm will influence or impact others.
What is Cournot’s Model?
An economic model which describes a structure of industry in which the firms which are competing makes same undifferentiated and homogeneous product chooses to produce simultaneously and independently is what is known as Cournot Competition. This Cournot’s model gives a number of various assumptions such as firms will not collude or a cartel will not be formed and maximization of profit is sought on the basis of the decision taken by the competitor.
In addition to this, every output decision of a firm is assumed that it will affect price of the product. This model was introduced in 1838 by Augustin Cournot, a French mathematician. Cournot model’s basic version dealt with duopoly which means two of the market’s main producer. This remains standard for the oligopolistic competition; this model can always be extended for including multiple firms. Know more from our Cournot’s model of oligopoly homework help.
Advantages of this Model
Cournot’s model has certain significant advantages like:
- Logical results are produced by it, with quantities and prices which happen to be between competitive levels and monopolistic.
- It yields Nash equilibrium which is stable and is defined as the outcome, from it no player would deviate unilaterally.
Disadvantages of this Model
There are disadvantages but it is kind of unrealistic in real world like:
- It assumes that two players make the strategy of quantity independently, which is unlikely. When in a market there are just two producers, it is a big possibility that they are both responsive to the strategies made by each other rather operating independently.
Know in detail about the advantages or drawbacks of this model from our Cournot’s model of oligopoly assignment help.
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