Abstract:
According to a definition an oligopoly is a market form in which a market
or industry is dominated by a small number of sellers (which are called
oligopolists). The decisions of one firm influence, and are at the same time
influenced by, the decisions of other firms. In some situations, the firms may
employ restrictive trade practices to raise prices and restrict production, this
is known as cartel.
There are many models describing the operation of an oligopolistic market.
In this article the author wants to concentrate on describing and comparing
series of simplified models based on classical economics (Stackelberg model,
Cournot-Nash model, Bertrand model) as well as a game theory.