  In this study, we analyze an advertising competition in a duopoly. We
consider two different notions of equilibrium. We model the companies in the
duopoly as major players, and the consumers as minor players. In our first game
model we identify Nash Equilibria (NE) between all the players. Next we frame
the model to lead to the search for Multi-Leader-Follower Nash Equilibria
(MLF-NE). This approach is reminiscent of Stackelberg games in the sense that
the major players design their advertisement policies assuming that the minor
players are rational and settle in a Nash Equilibrium among themselves. This
rationality assumption reduces the competition between the major players to a
2-player game. After solving these two models for the notions of equilibrium,
we analyze the similarities and differences of the two different sets of
equilibria.
