Inexperienced and Experienced Players in an Oligopolistic Market Game with Minimal Information
AbstractWe consider an oligopolistic market game, in which the players are competing firms in the same market of a homogeneous consumption good. The consumer side is represented by a fixed demand function. The firms decide how much to produce of a perishable consumption good, and they decide upon a number of information signals to be sent into the population in order to attract customers. Due to the minimal information provided, the players do not have a well-specified model of their environment. Given a simple mode of adaptive behavior, which we showed in a previous paper explained the data relatively well, our main objective here is to analyze whether experienced players behave differently to inexperienced players. Copyright 1999 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Industrial & Corporate Change.
Volume (Year): 8 (1999)
Issue (Month): 1 (March)
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- Nikolaos Georgantzis & Aurora García Gallego, 2001. "Adaptive Behavior By Single-Product And Multiproduct Price Setting Firms In Experimental Markets," Working Papers. Serie AD 2001-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
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