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Spatial Competition with Three Firms: An Experimental Study

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  • Collins, R.
  • Sherstyuk, K.

Abstract

The paper reports the results of an experimental study of the three firm location problem. We compare the subjects' behavior in the experiments with the symmetric mixed strategy Nash equilibrium calculated by Shaked (1982). Overall, the findings are consistent with the equilibrium prediction. However, the subjects' locations were significantly more dispersed than predicted by the theory.

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Bibliographic Info

Paper provided by The University of Melbourne in its series Department of Economics - Working Papers Series with number 631.

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Length: 38 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:mlb:wpaper:631

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Postal: Department of Economics, The University of Melbourne, 4th Floor, FBE Building, Level 4, 111 Barry Street. Victoria, 3010, Australia
Phone: +61 3 8344 5355
Fax: +61 3 8344 6899
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Web page: http://www.economics.unimelb.edu.au
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Keywords: NASH EQUILIBRIUM ; COMPETITION;

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Cited by:
  1. Henrick Orzen & John Morgan & Martin Sefton, 2004. "A Laboratory Study Of Advertising And Price Competition," Royal Economic Society Annual Conference 2004 76, Royal Economic Society.
  2. Henrik Orzen & Martin Sefton, 2006. "An Experiment on Spatial Price Competition," Discussion Papers 2006-14, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  3. Fuhai HONG & Larry KARP, 2013. "International Environmental Agreements with Endogenous or Exogenous Risk," Economic Growth centre Working Paper Series 1310, Nanyang Technolgical University, School of Humanities and Social Sciences, Economic Growth centre.
  4. Andrea Mangani & Paolo Patelli, 2002. "The Max-Min Principle of Product Differentiation: An Experimental Analysis," LEM Papers Series 2002/05, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  5. Morgan, John & Orzen, Henrik & Sefton, Martin, 2006. "An experimental study of price dispersion," Games and Economic Behavior, Elsevier, vol. 54(1), pages 134-158, January.
  6. Huck, Steffen & Müller, Wieland & Vriend, Nicolaas J., 2000. "The East End, the West End, and King's Cross: On clustering in the four-player hotelling game," SFB 373 Discussion Papers 2000,24, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  7. Zhiyong Huang, 2011. "The mixed strategy equilibrium of the three-firm location game with discrete location choices," Economics Bulletin, AccessEcon, vol. 31(3), pages 2109-2116.
  8. Vera Hofer & Klaus Ladner, 2006. "Positioning of new brands in an experiment," Central European Journal of Operations Research, Springer, vol. 14(4), pages 435-454, December.
  9. Barreda-Tarrazona, Iván & García-Gallego, Aurora & Georgantzís, Nikolaos & Andaluz-Funcia, Joaquín & Gil-Sanz, Agustín, 2011. "An experiment on spatial competition with endogenous pricing," International Journal of Industrial Organization, Elsevier, vol. 29(1), pages 74-83, January.
  10. Camacho-Cuena, Eva & Garcia-Gallego, Aurora & Georgantzis, Nikolaos & Sabater-Grande, Gerardo, 2005. "Buyer-seller interaction in experimental spatial markets," Regional Science and Urban Economics, Elsevier, vol. 35(2), pages 89-108, March.

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