Augustin Cournot (Mathematician)

Augustin Cournot was a French mathematician and economist known for his pioneering work in the fields of mathematics and economic theory during the 19th century. He is best known for developing Cournot competition, a model that describes how businesses decide on the quantity of goods to produce when competing with each other. This model laid the groundwork for modern microeconomic theory, particularly in understanding oligopolies—markets dominated by a few firms. Cournot also contributed to calculus and probability, emphasizing the importance of mathematical methods in social sciences. His work remains influential in both economics and mathematics today.