Hotellings berühmtes "Prinzip der minimalen Differenzierung" behauptet, dass zwei Firmen, die sich miteinander in räumlichem Wettbewerb befinden, dieselbe Position wählen. Wenn man räumlichen Wettbewerb als Modellierung von Produktdifferenzierung versteht, bedeutet dieses, dass die Firmen...

Hotelling’s famous ‘Principle of Minimum Differentiation’ suggests that two firms engaging in spatial competition will decide to locate at the same place. Interpreting spatial competition as modeling product differentiation, firms will thus offer products that are not differentiated and...

We combine two extensions of the differentiated duopoly model of Dixit (1979), namely Caminal and Vives (1996) and Brander and Spencer (2015a,b), to analyze the effect of consumer learning on firms' incentives to differentiate their products in models of Cournot and Bertrand competition....

A decision maker (DM) must address a series of problems over time. Each period, a random case arises and the DM must make a yes-or-no decision, which we call a ruling. She is uncertain about the correct ruling until she conducts a costly investigation. A ruling establishes a precedent, which may...

A decision maker makes a ruling on a random case in each period. She is uncertain about the correct ruling until conducting a costly investigation. A ruling establishes a precedent, which cannot be violated under binding precedent. We compare the information acquisition incentives, the evolution...

We have developed a method for directly learning relative preferences from histories of comparison information without an intermediate utility computation. Our method infers preferences that are rational in a psychological sense, where agent choices result from Bayesian inference of what to do...