Differentiate cournot behaviour and the cournot equilibrium

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Reference no: EM131505095

Question: ‘The common characteristic of the Cournot model is that it assumes a common pattern of reaction by competitors in each period which, despite the fact that the expected reaction does not in fact materialise, is never altered. This assumption that firms never learn from their past experience is excessively naive.' Discuss with reference to the distinction between Cournot behaviour and the Cournot equilibrium, and in the light of the insights that game theory yields about the character of the Cournot equilibrium.

Reference no: EM131505095

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