Behavioral convergence properties of Cournot and Bertrand markets: An experimental analysis

► This paper examines the relative convergence properties of Cournot and Bertrand oligopolies. ► In general, Bertrand markets converge more quickly and more completely than Cournot markets. ► However, as product substitutability weakens tacit collusion degrades Bertrand market convergence. ► Overall, in oligopolies we find that decision error cost variations dominate a Strategic Substitutes Effect.