A Bertrand model extension applied to the dairy competition Luis Osvaldo Gutiérrez Aceves
Una extensión del modelo de Bertrand aplicado a la competencia de lácteos
DOI:
https://doi.org/10.33110/rnee.vl%205il.308Keywords:
game theory, competition, dairy products, Bertrand model.Abstract
The goal of this article is applied a Bertrand model extension into a two hypothetical functional dairy companies, the model consider different degrees of substitution and differents percentages of technology investment. The results showed that if the products are not substitutes, the profits has a tendency to decrease, in comparison when the companies produce similar dairy products, regardless of the percentage of technology investment that the companies had made. One of the most relevant implications in the present investigation is that, if the main objective of the companies in a duopoly is maximize their utility, they must invest in technology and keep in equilibrium price.
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