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what is a cornot nash solution
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What is cournot nash solution?
The Cournot model of oligopoly assumes that rival firms produce a homogenous product, and each attempts to maximize profits by choosing how much to produce. All firms choose output (quantity) simultaneously. ... The resulting equilibrium is a Nash equilibrium in quantities, called a Cournot (Nash) equilibrium.
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The Cournot model of oligopoly assumes that rival firms produce a homogenous product, and each attempts to maximize profits by choosing how much to produce. All firms choose output (quantity) simultaneously. ... The resulting equilibrium is a Nash equilibrium in quantities, called a Cournot (Nash) equilibrium.
Copied and pasted from OECD.org