Stackelberg competition

Stackelberg competition is a type of competition where people or companies try to make the best deal for themselves or their company. It is named after a German economist, Heinrich Freiherr von Stackelberg, who wrote about the concept in the 1930s. In a Stackelberg competition, one person or company sets the price they are willing to pay (or the terms of their deal), and then other people or companies can decide if they want to accept the terms of the first person's offer. The people or companies can then either accept the deal or try to make a better offer. The competition continues until everyone is happy with the deal they got.