An Experimental Study of Adaptive Behavior in an Oligopolistic Market Game
AbstractWe consider an oligopolistic market game, in which the players are competing firms in the same market of a homogenous 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. Our main objective is to characterize the adaptive behavior of players in such a situation.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 408.
Date of creation: Jul 1997
Date of revision:
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Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
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Extensive Form Games; Perfect Recall;
Other versions of this item:
- Rosemarie Nagel & Nicolaas J. Vriend, 1999. "An experimental study of adaptive behavior in an oligopolistic market game," Journal of Evolutionary Economics, Springer, vol. 9(1), pages 27-65.
- Rosemarie Nagel & Nicolaas J. Vriend, 1997. "An experimental study of adaptive behavior in an oligopolistic market game," Economics Working Papers 230, Department of Economics and Business, Universitat Pompeu Fabra.
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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