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Sluggish Consumers: An Evolutionary Solution to the Bertrand Paradox

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  • Hehenkamp, Burkhard

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  • Hehenkamp, Burkhard, 2002. "Sluggish Consumers: An Evolutionary Solution to the Bertrand Paradox," Games and Economic Behavior, Elsevier, vol. 40(1), pages 44-76, July.
    • Handle: RePEc:eee:gamebe:v:40:y:2002:i:1:p:44-76
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    1. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 2000. "Does information about competitors' actions increase or decrease competition in experimental oligopoly markets?," International Journal of Industrial Organization, Elsevier, vol. 18(1), pages 39-57, January.
    2. Paul Klemperer, 1995. "Competition when Consumers have Switching Costs: An Overview with Applications to Industrial Organization, Macroeconomics, and International Trade," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 62(4), pages 515-539.
    3. Alos-Ferrer, Carlos & Ania, Ana B. & Schenk-Hoppe, Klaus Reiner, 2000. "An Evolutionary Model of Bertrand Oligopoly," Games and Economic Behavior, Elsevier, vol. 33(1), pages 1-19, October.
    4. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
    5. Brunekreeft, Gert & Gross, Wolfgang, 1999. "Price structures in the market for long-distance voice telephony in Germany," Discussion Papers 61, University of Freiburg, Institute for Transport Economics and Regional Policy.
    6. Cheng-Zhong Qin & Burkhard Hehenkamp & Charles Stuart, 1999. "Economic natural selection in Bertrand and Cournot settings," Journal of Evolutionary Economics, Springer, vol. 9(2), pages 211-224.
    7. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
    8. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 1999. "Learning in Cournot Oligopoly--An Experiment," Economic Journal, Royal Economic Society, vol. 109(454), pages 80-95, March.
    9. Ronald Harstad & Stephen Martin & Hans-Theo Normann, 1997. "Experimental Tests of Consciously Parallel Behaviour in Oligopoly," CIE Discussion Papers 1997-07, University of Copenhagen. Department of Economics. Centre for Industrial Economics.
    10. Kandori, Michihiro & Mailath, George J & Rob, Rafael, 1993. "Learning, Mutation, and Long Run Equilibria in Games," Econometrica, Econometric Society, vol. 61(1), pages 29-56, January.
    11. Diamond, Peter A., 1971. "A model of price adjustment," Journal of Economic Theory, Elsevier, vol. 3(2), pages 156-168, June.
    12. Burkhard Hehenkamp & Wolfgang Leininger, 1999. "A note on evolutionary stability of Bertrand equilibrium," Journal of Evolutionary Economics, Springer, vol. 9(3), pages 367-371.
    13. Robert, Jacques & Stahl, Dale O, II, 1993. "Informative Price Advertising in a Sequential Search Model," Econometrica, Econometric Society, vol. 61(3), pages 657-686, May.
    14. Stahl, Dale O, II, 1989. "Oligopolistic Pricing with Sequential Consumer Search," American Economic Review, American Economic Association, vol. 79(4), pages 700-712, September.
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    Cited by:

    1. Feng Jie Xie & Jing Shi, 2018. "The Evolution of Price Competition Game on Complex Networks," Complexity, Hindawi, vol. 2018, pages 1-13, July.
    2. Carvalho, M., 2011. "Essays in behavioral microeconomic theory," Other publications TiSEM 97fbb10e-5f12-420b-b8c4-e, Tilburg University, School of Economics and Management.
    3. Alos-Ferrer, Carlos, 2004. "Cournot versus Walras in dynamic oligopolies with memory," International Journal of Industrial Organization, Elsevier, vol. 22(2), pages 193-217, February.
    4. Kováč, Eugen & Schmidt, Robert C., 2014. "Market share dynamics in a duopoly model with word-of-mouth communication," Games and Economic Behavior, Elsevier, vol. 83(C), pages 178-206.
    5. Carvalho, M., 2009. "Price Recall, Bertrand Paradox and Price Dispersion With Elastic Demand," Discussion Paper 2009-69, Tilburg University, Center for Economic Research.
    6. Nagel, Kai & Shubik, Martin & Paczuski, Maya & Bak, Per, 2000. "Spatial competition and price formation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 287(3), pages 546-562.
    7. Xavier Vilà, 2008. "A Model-To-Model Analysis of Bertrand Competition," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 11(2), pages 1-11.
    8. Waterson, Michael, 2003. "Consumers and Competition," The Warwick Economics Research Paper Series (TWERPS) 679, University of Warwick, Department of Economics.
    9. Yasuhiro Shirata, 2020. "Evolution of a Collusive Price in a Networked Market," Dynamic Games and Applications, Springer, vol. 10(2), pages 528-554, June.
    10. Hasan, Syed Akif & Subhani, Muhammad Imtiaz & Osman, Ms. Amber & Mehar, Ayub, 2012. "Pricing behavior of firms when consumers have an Imperfect Recall," MPRA Paper 35682, University Library of Munich, Germany.
    11. Napel, Stefan, 2003. "Aspiration adaptation in the ultimatum minigame," Games and Economic Behavior, Elsevier, vol. 43(1), pages 86-106, April.
    12. Carvalho, M., 2009. "Price Recall, Bertrand Paradox and Price Dispersion With Elastic Demand," Other publications TiSEM c00b849b-641f-43ed-a493-3, Tilburg University, School of Economics and Management.
    13. Hehenkamp, Burkhard & Wambach, Achim, 2010. "Survival at the center--The stability of minimum differentiation," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 853-858, December.
    14. Xavier Vilà, 2005. "Consumers' Behavior and the Bertrand Paradox: An ACE approach," UFAE and IAE Working Papers 654.05, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).

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