In this paper we explore how specific aspects of market transparency and agents' behavior affect the efficiency of the market outcome. In particular, we are interested whether learning behavior with and without information about actions of other participants improves market efficiency. We...

This paper investigates evolutionary adaptation in a coordination game with strategic uncertainty. This game is characterized by the multiplicity of Nash equilibria that can be ranked according to the payoff that players obtain. Two different equilibrium refinement concepts predict the selection...

We examine the Cournot oligopoly model in the context of social and individual learning. In both models of learning, firms update their decisions about how much to produce via variants of the genetic algorithm updating procedure. Arifovic (1994) found that both models of social and individual...