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A Behavioural Learning Approach to the Dynamics of Prices

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  • Brenner, Thomas

Abstract

The paper studies the dynamics of market prices under the assumption of behavioural learning by sellers and buyers. The buyers are assumed to be price takers who learn about choosing sellers and acceptable prices, whilst the sellers have the possibility to offer a fixed price or to make successive reductions and learn about adequate selling behaviour and adequate price levels. The learning process was simulated and compared to the game theoretic prediction under the assumption of rational agents. The main areas of interest of the analysis concern the questions of whether bargaining on prices becomes common and whether the dynamics of prices converges. Copyright 2002 by Kluwer Academic Publishers

Suggested Citation

  • Brenner, Thomas, 2002. "A Behavioural Learning Approach to the Dynamics of Prices," Computational Economics, Springer;Society for Computational Economics, vol. 19(1), pages 67-94, February.
    • Handle: RePEc:kap:compec:v:19:y:2002:i:1:p:67-94
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    Cited by:

    1. Lamieri, Marco & Bertacchini, Enrico, 2006. "What if Hayek goes shopping in the bazaar?," MPRA Paper 367, University Library of Munich, Germany, revised 21 Jun 2006.
    2. Veit, Daniel & Buss, Georg & Schnizler, Björn & Neumann, Dirk & Streitberger, Werner & Eymann, Torsten, 2007. "Theoretical and Computational Basis for CATNETS - Annual Report Year 3," Bayreuth Reports on Information Systems Management 23, University of Bayreuth, Chair of Information Systems Management.
    3. Moulet, Sonia & Rouchier, Juliette, 2008. "The influence of seller learning and time constraints on sequential bargaining in an artificial perishable goods market," Journal of Economic Dynamics and Control, Elsevier, vol. 32(7), pages 2322-2348, July.
    4. Eymann, Torsten & Streitberger, Werner & Reinicke, Michael & Freitag, Felix & Chacin, Pablo & Chao, Isaac & Schnizler, Björn & Veit, Daniel, 2007. "Preliminary specification and design documentation for software components to achieve catallaxy in computational systems," Bayreuth Reports on Information Systems Management 2, University of Bayreuth, Chair of Information Systems Management.
    5. Reinicke, Michael & Streitberger, Werner & Eymann, Torsten, 2008. "A scalability analysis of grid allocation mechanisms," Bayreuth Reports on Information Systems Management 31, University of Bayreuth, Chair of Information Systems Management.
    6. Alan Kirman & Sonia Moulet, 2008. "Impact de l'organisation du marché: Comparaison de la négociation de gré à gré et des enchères descendantes," Working Papers halshs-00349034, HAL.
    7. Eymann, Torsten & Streitberger, Werner & Veit, Daniel & Buss, Georg & Schnizler, Björn & Neumann, Dirk, 2006. "Theoretical and Computational Basis for CATNETS - Annual Report Year 2," Bayreuth Reports on Information Systems Management 9, University of Bayreuth, Chair of Information Systems Management.
    8. Darmon, Eric & Waldeck, Roger, 2005. "Convergence of reinforcement learning to Nash equilibrium: A search-market experiment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 355(1), pages 119-130.
    9. Gabriel Galand, 2009. "The Neutrality of Money Revisited with a Bottom-Up Approach: Decentralisation, Limited Information and Bounded Rationality," Computational Economics, Springer;Society for Computational Economics, vol. 33(4), pages 337-360, May.

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