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Multiple equilibria and selection by learning in an applied setting

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  • Lee, Robin S.
  • Pakes, Ariel

Abstract

We explore two complementary approaches to counterfactual analysis in an empirical ATM network example with multiple equilibria. First we simply enumerate and compare the possible equilibria. Second, we examine how different learning algorithms select among them.

Suggested Citation

  • Lee, Robin S. & Pakes, Ariel, 2009. "Multiple equilibria and selection by learning in an applied setting," Economics Letters, Elsevier, vol. 104(1), pages 13-16, July.
  • Handle: RePEc:eee:ecolet:v:104:y:2009:i:1:p:13-16
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    References listed on IDEAS

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    1. McLennan, Andrew & Berg, Johannes, 2005. "Asymptotic expected number of Nash equilibria of two-player normal form games," Games and Economic Behavior, Elsevier, vol. 51(2), pages 264-295, May.
    2. Andrew McLennan, 2005. "The Expected Number of Nash Equilibria of a Normal Form Game," Econometrica, Econometric Society, vol. 73(1), pages 141-174, January.
    3. Young, H. Peyton, 2004. "Strategic Learning and its Limits," OUP Catalogue, Oxford University Press, number 9780199269181.
    4. Panle Jia, 2008. "What Happens When Wal-Mart Comes to Town: An Empirical Analysis of the Discount Retailing Industry," Econometrica, Econometric Society, vol. 76(6), pages 1263-1316, November.
    5. Drew Fudenberg & David K. Levine, 1998. "The Theory of Learning in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262061945, January.
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    Cited by:

    1. Ulrich Doraszelski & Gregory Lewis & Ariel Pakes, 2016. "Just Starting Out: Learning and Equilibrium in a New Market," NBER Working Papers 21996, National Bureau of Economic Research, Inc.
    2. Pavel Kireyev, 2016. "Markets for Ideas: Prize Structure, Entry Limits, and the Design of Ideation Contests," Harvard Business School Working Papers 16-129, Harvard Business School.
    3. repec:hrv:faseco:34710163 is not listed on IDEAS
    4. repec:eee:indorg:v:53:y:2017:i:c:p:241-266 is not listed on IDEAS
    5. Hunt Allcott, 2012. "The Smart Grid, Entry, and Imperfect Competition in Electricity Markets," NBER Working Papers 18071, National Bureau of Economic Research, Inc.
    6. Ron Borkovsky & Paul Ellickson & Brett Gordon & Victor Aguirregabiria & Pedro Gardete & Paul Grieco & Todd Gureckis & Teck-Hua Ho & Laurent Mathevet & Andrew Sweeting, 2015. "Multiplicity of equilibria and information structures in empirical games: challenges and prospects," Marketing Letters, Springer, vol. 26(2), pages 115-125, June.
    7. S. Sriram & Puneet Manchanda & Mercedes Bravo & Junhong Chu & Liye Ma & Minjae Song & Scott Shriver & Upender Subramanian, 2015. "Platforms: a multiplicity of research opportunities," Marketing Letters, Springer, vol. 26(2), pages 141-152, June.

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