Showing 1 - 10 of 13
Persistent link: https://www.econbiz.de/10003743329
Crockett, Spear and Sunder [2005] propose an algorithm whereby boundedly rational agents with standard neoclassical preferences learn competitive equilibrium in a repeated static exchange economy. In this paper, a laboratory market is instituted to examine the hypothesis that people are at least...
Persistent link: https://www.econbiz.de/10014066673
Crockett, Spear and Sunder [2006] propose a simple learning rule through which an informationally decentralized, repeated, static pure exchange economy populated by agents with standard neoclassical preferences will coordinate on a competitive equilibrium. In this paper a laboratory market is...
Persistent link: https://www.econbiz.de/10012746480
The epsilon-intelligent competitive equilibrium algorithm is a decentralized alternative to Walrus' tatonnement procedure for markets to arrive at competitive equilibrium. We build on the Gode-Spear-Sunder zero-intelligent algorithm in which random generation of bids and offers from agents'...
Persistent link: https://www.econbiz.de/10014349108
We demonstrate in a laboratory experiment in which subjects play a two-player Cournot-Tullock game over hundreds of periods of varying length that full accounts of subjects' learning requires the consideration of, both, 'period time' and 'physical time.'
Persistent link: https://www.econbiz.de/10013326949
We explore the stability of imitation in a 1,200-period experimental Cournot game where subjects do not know the payoff function but see the output quantities and payoffs of each oligopolist after every period. In line with theoretical predictions and previous experimental findings, our...
Persistent link: https://www.econbiz.de/10010194591
Persistent link: https://www.econbiz.de/10009619257
Persistent link: https://www.econbiz.de/10003860664
Persistent link: https://www.econbiz.de/10011326852
We study long-run learning in an experimental Cournot game with no explicit information about the payoff function. Subjects see only the quantities and payoffs of each oligopolist after every period. In line with theoretical predictions and previous experimental findings, duopolies and...
Persistent link: https://www.econbiz.de/10009580852