Explores another variation of Bertrand Competition. The Products in this Market are, again, undifferentiated Commodity Products, but there are Search Costs that limit Customer awareness of each Product.
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-173/
Workflow
[Market Simulation] MS-173 Bertrand Competition with Search Costs
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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