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Keeping Up With the Joneses: Competition and the Evolution of Collusion in an Oligopolistic Economy

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Dixon, Huw David

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Abstract

An economy consists of many duopolistic markets. Firms must earn normal profits in the long run if they are to survive. Normal profits are interpreted as the long-run limit of average profits in the whole economy. We adopt the aspiration based model of firm behaviour, and link it to the economy with the requirement that in the long run the profit aspiration must be at least as great as normal profits. We assume that the joint profits can be maximized with symmetric payoffs, and with very few other assumptions are able to show that the (almost) global attractor is the cooperative outcome.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1810.

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Date of creation: Mar 1998
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Handle: RePEc:cpr:ceprdp:1810

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Related research
Keywords: aspirations; Average; Evolution; Learning;

Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D4 - Microeconomics - - Market Structure and Pricing
L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

Cited by:
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  1. Paolo Lupi, 1998. "The Propagation of Cooperation in a Model of Learning with Endogenous Aspirations," Research in Economics 98-06-052e, Santa Fe Institute. [Downloadable!]
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This page was last updated on 2009-12-31.

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