A Note on Agent Based Imperfect Competition
AbstractThe model we discuss in this note is a re-examination of the classical Bertrand model of imperfect competition. the main difference is that consumers are allowed to have some strategic behavior when deciding from which one of the two sellers to buy. We will approach the resolution of the situation sketched above using two related but different tools. The two of them consider a probabilisstic learning (or evolutionary) mechanism, and in the two of them consumers' behavior can affect the competition between the sellers.
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Bibliographic InfoPaper provided by Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) in its series UFAE and IAE Working Papers with number 398.97.
Length: 16 pages
Date of creation: 1997
Date of revision:
GAME THEORY ; INFORMATION;
Other versions of this item:
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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