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Imitation and Belief Learning in an Oligopoly Experiment

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Author Info
Theo Offerman ()
Jan Potters (University of Amsterdam)
Joep Sonnemans () (Tilburg University)

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Abstract

We examine the force of three types of behavioral dynamics in quantity-setting triopoly experiments:
  1. mimicking the successful firm,
  2. following the exemplary firm, and
  3. belief learning.
Theoretically, these three rules of dynamic conduct lead to the competitive, the collusive, and the Cournot-Nash outcome, respectively. In the experiment we employ three information treatments. Each of these treatments is hypothesized to be conducive to the force of one of the three dynamic rules. To a large extent, the results are consistent with the hypothesized relationships between treatments, dynamic rules, and outcomes.

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Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 97-116/1.

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Date of creation: 21 Nov 1997
Date of revision:
Handle: RePEc:dgr:uvatin:19970116

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Web page: http://www.tinbergen.nl/

For technical questions regarding this item, or to correct its listing, contact: (Walther Schoonenberg).

Related research
Keywords: quantity-setting oligopoly game imitation belief learning experiments

Other versions of this item:

Find related papers by JEL classification:
H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

References listed on IDEAS
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  1. Andrew F. Daughety, 1985. "Reconsidering Cournot: The Cournot Equilibrium is Consistent," RAND Journal of Economics, The RAND Corporation, vol. 16(3), pages 368-379, Autumn. [Downloadable!] (restricted)
  2. El-Gamal, Mahmoud A & McKelvey, Richard D & Palfrey, Thomas R, 1994. "Learning in Experimental Games," Economic Theory, Springer, vol. 4(6), pages 901-22, October.
  3. Margaret E. Slade, 1995. "Empirical Games: The Oligopoly Case," Canadian Journal of Economics, Canadian Economics Association, vol. 28(2), pages 368-402, May. [Downloadable!] (restricted)
    Other versions:
  4. Milgrom, Paul & Roberts, John, 1991. "Adaptive and sophisticated learning in normal form games," Games and Economic Behavior, Elsevier, vol. 3(1), pages 82-100, February. [Downloadable!] (restricted)
  5. Reinhard Selten & Michael Mitzkewitz & Gerald R. Uhlich, 1997. "Duopoly Strategies Programmed by Experienced Players," Econometrica, Econometric Society, vol. 65(3), pages 517-556, May.
    Other versions:
  6. Abbink, Klaus, and Abdolkarim Sadrieh, 1995. "RatImage - research Assistance Toolbox for Computer-Aided Human Behavior Experiments," Discussion Paper Serie B 325, University of Bonn, Germany.
  7. Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
    Other versions:
  8. Pingle, Mark, 1995. "Imitation versus rationality: An experimental perspective on decision making," The Journal of Socio-Economics, Elsevier, vol. 24(2), pages 281-315. [Downloadable!] (restricted)
  9. Potters, Jan & van Winden, Frans, 1996. "Comparative Statics of a Signaling Game: An Experimental Study," International Journal of Game Theory, Springer, vol. 25(3), pages 329-53.
    Other versions:
  10. Boylan Richard T. & El-Gamal Mahmoud A., 1993. "Fictitious Play: A Statistical Study of Multiple Economic Experiments," Games and Economic Behavior, Elsevier, vol. 5(2), pages 205-222, April. [Downloadable!] (restricted)
  11. Mookherjee Dilip & Sopher Barry, 1994. "Learning Behavior in an Experimental Matching Pennies Game," Games and Economic Behavior, Elsevier, vol. 7(1), pages 62-91, July. [Downloadable!] (restricted)
  12. Cheung, Yin-Wong & Friedman, Daniel, 1997. "Individual Learning in Normal Form Games: Some Laboratory Results," Games and Economic Behavior, Elsevier, vol. 19(1), pages 46-76, April. [Downloadable!] (restricted)
  13. Steffen Huck & Hans-Theo Normann & Joerg Oechssler, 1997. "Learning in Cournot Oligopoly - An Experiment," Game Theory and Information 9707009, EconWPA, revised 22 Jul 1997. [Downloadable!]
    Other versions:
  14. Boylan, Richard T. & El-Gamal, Mahmoud A., 1990. "Fictitious Play: A Statistical Study of Multiple Economic Experiments," Working Papers 737, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  15. Offerman, Theo & Schram, Arthur & Sonnemans, Joep, 1998. "Quantal response models in step-level public good games," European Journal of Political Economy, Elsevier, vol. 14(1), pages 89-100, February. [Downloadable!] (restricted)
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