Bertrand-Edgeworth model

Meaning

Proper Noun

• 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.

Origin

• Named after Joseph Bertrand and Francis Ysidro Edgeworth.