Examlex
Sanderson and Alderson claim that the development of modern capitalism depended on a long-term process of growth in the size and density of trade networks.
Bertrand Duopoly
A market structure in which two companies compete on price, each one strategically setting its prices in response to the prices of the other.
Nash Equilibrium
A situation in a game where no player can benefit by changing their strategy while the other players keep theirs unchanged.
Bertrand Model
A model in economics that describes interactions in a market structure where firms compete on price.
Payoff Matrix
A table that shows the potential outcomes and payoffs for each combination of strategies between players in a strategic game.
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