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Oligopoly has been among the first topics in the experimental economics. Over half a century, some 150 papers have been published. Each individual paper was interested in demonstrating one effect. But in order to do so, experimenters had to specify many more parameters. That way they have...
Persistent link: https://www.econbiz.de/10014053957
In this paper, we describe a series of laboratory experiments that implement specific examples of a more general …
Persistent link: https://www.econbiz.de/10010344833
receive restricted access (a lower share). In a laboratory experiment Rank-Order-VCM elicits median contributions equal to the …
Persistent link: https://www.econbiz.de/10012064430
failing to make the most out of observing others. -- social learning ; advice ; observational learning ; beauty-contest game …
Persistent link: https://www.econbiz.de/10009728176
Persistent link: https://www.econbiz.de/10003465078
I report results of an experiment designed to study the relation between the process of information search and learning …, they tend to imitate the most successful behavior, which makes markets more competitive. Finally, reinforcement learning … in a Cournot oligopoly, with limited a priori information. Different theories of learning have been applied to this …
Persistent link: https://www.econbiz.de/10005786735
We introduce a simple procedure to be used for selecting the strategies most likely to be played by inexperienced agents who interact in one shot 2x2 games. We start with an axiomatic description of a function that may capture players' beliefs. Various proposals connected with the concept of...
Persistent link: https://www.econbiz.de/10010439356
This paper presents an experiment on learning in repeated games, which complements the analysis of players' actual … makes markets more competitive. Reinforcement learning also plays a role, as subjects favor strategies that have yielded … a priori information. The econometrics hinges on a model built upon Experience Weighted Attraction learning, and the …
Persistent link: https://www.econbiz.de/10010291432
This paper examines capacity-constrained oligopoly pricing with sellers who seek myopic improvements. We employ the Myopic Stable Set solution concept and establish the existence of a unique pure-strategy price solution for any given level of capacity. This solution is shown to coincide with the...
Persistent link: https://www.econbiz.de/10012814516
This paper explores the effects of communication in market entry games experimentally. It is shown that communication increases coordination success substantially and generate inferior outcomes for consumers when market entry costs are symmetric. Such effects are not observed when costs are...
Persistent link: https://www.econbiz.de/10014178729