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Imitation of successful behaviour in cournot markets

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  • Antoni Bosch-DomËnech
  • Nicolaas J. Vriend

Abstract

In an experimental standard Cournot oligopoly we test the importance of models of behaviour characterised by imitation of successful behaviour, in particular when the environment becomes more complex. We find that the players do not rely more on imitation in more demanding environments. We explain that the different pattern of output decisions in such environments seems predominantly related to a general disorientation of the players, and more specifically to a significant decrease of best-responses. Copyright 2003 Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 113 (2003)
Issue (Month): 487 (04)
Pages: 495-524

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Handle: RePEc:ecj:econjl:v:113:y:2003:i:487:p:495-524

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  1. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 1998. "Learning from the Behavior of Others: Conformity, Fads, and Informational Cascades," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 151-170, Summer.
  2. Theo Offerman & Jan Potters & Joep Sonnemans, 1997. "Imitation and Belief Learning in an Oligopoly Experiment," Tinbergen Institute Discussion Papers 97-116/1, Tinbergen Institute.
  3. Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
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  5. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August.
  6. Eichberger, J. & Kelsey, D., 1999. "Uncertainty and Strategic Interaction in Economics," Discussion Papers 99-26, Department of Economics, University of Birmingham.
  7. Palomino, F., 1995. "On the Survival of Strictly Dominated Strategies in Large Populations," UFAE and IAE Working Papers 308.95, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  8. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 1999. "Learning in Cournot Oligopoly--An Experiment," Economic Journal, Royal Economic Society, vol. 109(454), pages C80-95, March.
  9. Huw Dixon & Steven Wallis & Scott Moss, . "Axelrod Meets Cournot: Oligopoly and the Evolutionary Metaphor Part 1," Discussion Papers 95/8, Department of Economics, University of York.
  10. Crawford, Vincent, 1998. "A Survey of Experiments on Communication via Cheap Talk," Journal of Economic Theory, Elsevier, vol. 78(2), pages 286-298, February.
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