Simulates Bertrand Competition between Commodity Products where each of the two Competitors are experimenting by raising and lowering Price to maximize their short-term Profit.
Uses the KNIME Extension: Market Simulation by Scientific Strategy - Community Edition
A comprehensive description of this workflow with step-by-step instructions can be found at the Scientific Strategy website:
https://scientificstrategy.com/ms-171/
Workflow
[Market Simulation] MS-171 Bertrand Competition
External resources
Used extensions & nodes
Created with KNIME Analytics Platform version 4.3.0
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KNIME AG, Zurich, Switzerland
Versions 3.5.3, 4.3.0
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KNIME AG, Zurich, Switzerland
Version 4.3.0
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KNIME AG, Zurich, Switzerland
Version 4.3.0
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Decision Ready, LLC
Version 4.3.0
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