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Evolved perception and behaviour in oligopolies

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  • Marks, Robert

Abstract

A previous study, which examined oligopolists as responding simply to past prices of their strategic rivals, used data from a mature market with stable rules of thumb (mappings from past actions or states of the market to present prices) for the oligopolists' behaviour, whether purposefully learnt or emerging from the natural selection of the rivalry. The earlier study imposed exogenous partitions on the action space, as perceived by the players. This study explores how such perceptions might be endogenised. A firm answer to the question of how oligopolists partition their perceptions of others' actions, both through time and across the price space, will also provide information on how much or how little information they choose to use: in short, how boundedly rational oligopolists are. We use data from a retail coffee market to examine the evolved optimal partitioning and mapping of price space, manifest as the oligopolists' rules of thumb.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 22 (1998)
Issue (Month): 8-9 (August)
Pages: 1209-1233

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Handle: RePEc:eee:dyncon:v:22:y:1998:i:8-9:p:1209-1233

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  1. Dow, James, 1991. "Search Decisions with Limited Memory," Review of Economic Studies, Wiley Blackwell, vol. 58(1), pages 1-14, January.
  2. Kalai, Ehud & Stanford, William, 1988. "Finite Rationality and Interpersonal Complexity in Repeated Games," Econometrica, Econometric Society, vol. 56(2), pages 397-410, March.
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  7. Barton L. Lipman, 1995. "Information Processing and Bounded Rationality: A Survey," Canadian Journal of Economics, Canadian Economics Association, vol. 28(1), pages 42-67, February.
  8. David F. Midgley & Robert E. Marks & Lee G. Cooper, 1995. "Breeding Competitive Strategies," Working Papers 95-06-052, Santa Fe Institute.
  9. John Geanakoplos, 1989. "Game Theory Without Partitions, and Applications to Speculation and Consensus," Cowles Foundation Discussion Papers 914, Cowles Foundation for Research in Economics, Yale University.
  10. Ariel Rubinstein, 1997. "Finite automata play the repeated prisioners dilemma," Levine's Working Paper Archive 1639, David K. Levine.
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Cited by:
  1. Arifovic, Jasmina & Karaivanov, Alexander, 2010. "Learning by doing vs. learning from others in a principal-agent model," Journal of Economic Dynamics and Control, Elsevier, vol. 34(10), pages 1967-1992, October.
  2. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, EconWPA, revised 15 Aug 2002.

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