Explain the models of oligopoly behaviour that we discussed. Discuss whether the respective assumptions are realistic.

Discuss examples where different models might be the most appropriate (think for example of market for raw materials or for air travel). In this essay I am going to discuss models of oligopoly behaviour and analyse them and see whether they are realistic or not and evaluate them with certain examples where they may be most suitable. Oligopoly is defined as a market form in which a market is dominated by a small number of …

…more unrealistic of all the models discussed and that the Bertrand and Stackelberg models are more in depth and more sensible in the world of oligopoly. Bibliography: <Tab/>Andrew Schotter, Microeconomics: A Modern Approach, 2001, Addison Wesley Longman <Tab/>Edwin Mansfield, Microeconomics, Theory/Applications, 9th Edition, 1997, W.W.Norton & Company. Inc <Tab/>David Laidler, Introduction to microeconomics, 1989, Oxford:Allan