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Learning in Cournot Oligopoly--An Experiment

  • Huck, Steffen
  • Normann, Hans-Theo
  • Oechssler, Jorg

This experiment was designed to test various learning theories in the context of a Cournot oligopoly. The authors derive theoretical predictions for the learning theories and test these predictions by varying the information given to subjects. The results show that some subjects imitate successful behavior if they have the necessary information and, if they imitate, markets are more competitive. Other subjects follow a best reply process. On the aggregate level, the authors find that more information about demand and cost conditions yields less competitive behavior, while more information about the quantities and profits of other firms yields more competitive behavior.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 109 (1999)
Issue (Month): 454 (March)
Pages: C80-95

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Handle: RePEc:ecj:econjl:v:109:y:1999:i:454:p:c80-95
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  1. Edward J Green & Robert H Porter, 1997. "Noncooperative Collusion Under Imperfect Price Information," Levine's Working Paper Archive 1147, David K. Levine.
  2. Abbink, Klaus & Abdolkarim Sadrieh, 1995. "RatImage - research Assistance Toolbox for Computer-Aided Human Behavior Experiments," Discussion Paper Serie B 325, University of Bonn, Germany.
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