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Stackelberg or Bertrand: Which Price Model is Practically Applicable? (pp. 1-18) $45.00
Authors:  Naima Saeed and Odd I. Larsen
Abstract:
The objective of this study was to compare two strategies the Bertrand game and
the Stackelberg game which can be applied to prices, set by four terminals in two ports
of Pakistan. Numerical results were obtained by solving the multinomial logit model. The
results show that in a Bertrand game, one container terminal (KICT), despite charging
higher prices, captured a higher market share compared to its competitors. The results
reflect the real data on the situation in the two ports in question. Because there are
differences in market shares and costs among the container terminals, this study also
analyzed a hypothetical leader-follower strategy using four sub cases. These results
reveal that the leader can charge a monopolist price. However, it can capture a very high
market share only when it has some natural advantages over its competitors. Moreover,
there is a possibility that the leader will be wrong in assuming that the others will adopt
its price. On this basis, it may be concluded that the Bertrand game in prices is probably
the only one that consistently assumes rational and fully informed players. 


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Stackelberg or Bertrand: Which Price Model is Practically Applicable? (pp. 1-18)