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Title:	*Simulation Models Of Two Duopoly Games*
Authors:	Ingolf Stahl
Published in:	(2017).ECMS 2017 Proceedings Edited by: Zita Zoltay Paprika, Péter Horák, Kata Váradi, Péter Tamás Zwierczyk, Ágnes Vidovics-Dancs, János Péter Rádics European Council for Modeling and Simulation. doi:10.7148/2017 ISBN: 978-0-9932440-4-9/ ISBN: 978-0-9932440-5-6 (CD) 31st European Conference on Modelling and Simulation, Budapest, Hungary, May 23^rd – May 26^th, 2017
Citation format:	Ingolf Stahl (2017). Simulation Models Of Two Duopoly Games, ECMS 2017 Proceedings Edited by: Zita Zoltay Paprika, Péter Horák, Kata Váradi, Péter Tamás Zwierczyk, Ágnes Vidovics-Dancs, János Péter Rádics European Council for Modeling and Simulation. doi: 10.7148/2017-0027
DOI:	https://doi.org/10.7148/2017-0027
Abstract:	The paper presents simulation of two classic duopoly games, those of Cournot and Bertrand. The simulation is done with a very simple Discrete Event Simulation system, aGPSS, developed for economics students. With the Cournot model one can study under which conditions the Cournot solution will be obtained even if the parties lack knowledge about demand and costs. The Bertrand model, with stochastic demand, allows the study of cases when a firm can charge a higher price than the other firm and yet sell because the firm charging a lower price sells more than it has expected.
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