BERTRAND AND HIERARCHICAL STACKELBERG OLIGOPOLIES WITH PRODUCT DIFFERENTIATION

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A hierarchical Stackelberg model where firms' entry is sequential is formulated for price-adjusting oligopoly with product differentiation. The firms' equilibrium prices, outputs and profits are derived and compared in relationship to the order of the firms' entry into the market. These equilibrium values are also compared with those for the non-hierarchical Bertrand oligopoly where all firms' decisions are simultaneously made.

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