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“A profit table or a profit calculator?” A note on the design of Cournot oligopoly experiments

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  • Till Requate

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  • Israel Waichman

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  • Till Requate & Israel Waichman, 2011. "“A profit table or a profit calculator?” A note on the design of Cournot oligopoly experiments," Experimental Economics, Springer;Economic Science Association, vol. 14(1), pages 36-46, March.
  • Handle: RePEc:kap:expeco:v:14:y:2011:i:1:p:36-46
    DOI: 10.1007/s10683-010-9256-2
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    References listed on IDEAS

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    1. Le Coq, Chloe & Orzen, Henrik, 2006. "Do forward markets enhance competition?: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 61(3), pages 415-431, November.
    2. Miguel Fonseca & Wieland Müller & Hans-Theo Normann, 2006. "Endogenous timing in duopoly: experimental evidence," International Journal of Game Theory, Springer;Game Theory Society, vol. 34(3), pages 443-456, October.
    3. Theo Offerman & Jan Potters & Joep Sonnemans, 2002. "Imitation and Belief Learning in an Oligopoly Experiment," Review of Economic Studies, Oxford University Press, vol. 69(4), pages 973-997.
    4. 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.
    5. Jan Potters & Sigrid Suetens, 2009. "Cooperation in Experimental Games of Strategic Complements and Substitutes," Review of Economic Studies, Oxford University Press, vol. 76(3), pages 1125-1147.
    6. Huck, Steffen & Muller, Wieland & Normann, Hans-Theo, 2002. "To Commit or Not to Commit: Endogenous Timing in Experimental Duopoly Markets," Games and Economic Behavior, Elsevier, vol. 38(2), pages 240-264, February.
    7. Rassenti, Stephen & Reynolds, Stanley S. & Smith, Vernon L. & Szidarovszky, Ferenc, 2000. "Adaptation and convergence of behavior in repeated experimental Cournot games," Journal of Economic Behavior & Organization, Elsevier, vol. 41(2), pages 117-146, February.
    8. Cason, Timothy N & Mason, Charles F, 1999. "Information Sharing and Tacit Collusion in Laboratory Duopoly Markets," Economic Inquiry, Western Economic Association International, vol. 37(2), pages 258-281, April.
    9. Douglas Davis & Robert Reilly & Bart Wilson, 2003. "Cost Structures and Nash Play in Repeated Cournot Games," Experimental Economics, Springer;Economic Science Association, vol. 6(2), pages 209-226, October.
    10. Bigoni, Maria, 2010. "What do you want to know? Information acquisition and learning in experimental Cournot games," Research in Economics, Elsevier, vol. 64(1), pages 1-17, March.
    11. Muller, Wieland, 2006. "Allowing for two production periods in the Cournot duopoly: Experimental evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 60(1), pages 100-111, May.
    12. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 2004. "Two are few and four are many: number effects in experimental oligopolies," Journal of Economic Behavior & Organization, Elsevier, vol. 53(4), pages 435-446, April.
    13. Steffen Huck & Brian Wallace, 2002. "Reciprocal strategies and aspiration levels in a Cournot-Stackelberg experiment," Economics Bulletin, AccessEcon, vol. 3(3), pages 1-7.
    14. Antoni Bosch-DomËnech & Nicolaas J. Vriend, 2003. "Imitation of successful behaviour in cournot markets," Economic Journal, Royal Economic Society, vol. 113(487), pages 495-524, April.
    15. repec:ebl:ecbull:v:3:y:2002:i:3:p:1-7 is not listed on IDEAS
    16. Altavilla, Carlo & Luini, Luigi & Sbriglia, Patrizia, 2006. "Social learning in market games," Journal of Economic Behavior & Organization, Elsevier, vol. 61(4), pages 632-652, December.
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    18. Mason, Charles F. & Phillips, Owen R. & Redington, Douglas B., 1991. "The role of gender in a non-cooperative game," Journal of Economic Behavior & Organization, Elsevier, vol. 15(2), pages 215-235, March.
    19. Nick Feltovich, 2003. "Nonparametric Tests of Differences in Medians: Comparison of the Wilcoxon–Mann–Whitney and Robust Rank-Order Tests," Experimental Economics, Springer;Economic Science Association, vol. 6(3), pages 273-297, November.
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    Citations

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    Cited by:

    1. Axel Sonntag & Daniel John Zizzo, 2015. "Institutional authority and collusion," Southern Economic Journal, Southern Economic Association, vol. 82(1), pages 13-37, July.
    2. Normann, Hans-Theo & Rösch, Jürgen & Schultz, Luis Manuel, 2012. "Do buyer groups facilitate collusion?," DICE Discussion Papers 74, University of Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    3. Özgür Gürerk & Reinhard Selten, 2012. "The effect of payoff tables on experimental oligopoly behavior," Experimental Economics, Springer;Economic Science Association, vol. 15(3), pages 499-509, September.
    4. Greiff, Matthias & Ackermann, Kurt & Murphy, Ryan O., 2016. "The influences of social context on the measurement of distributional preferences," Annual Conference 2016 (Augsburg): Demographic Change 145529, Verein für Socialpolitik / German Economic Association.
    5. Hans-Theo Normann & Till Requate & Israel Waichman, 2014. "Do short-term laboratory experiments provide valid descriptions of long-term economic interactions? A study of Cournot markets," Experimental Economics, Springer;Economic Science Association, vol. 17(3), pages 371-390, September.
    6. Normann, Hans-Theo & Rösch, Jürgen & Schultz, Luis Manuel, 2015. "Do buyer groups facilitate collusion?," Journal of Economic Behavior & Organization, Elsevier, vol. 109(C), pages 72-84.
    7. Korbinian von Blanckenburg & Milena Neubert, 2014. "Monopoly Profit Maximization: Success and Economic Principles," Working Papers 1406, Gutenberg School of Management and Economics, Johannes Gutenberg-Universität Mainz, revised 25 Nov 2014.
    8. Jos Jansen & Andreas Pollak, 2015. "Strategic Disclosure of Demand Information by Duopolists: Theory and Experiment," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2015_09, Max Planck Institute for Research on Collective Goods.
    9. Du, Ninghua & Heywood, John S. & Ye, Guangliang, 2013. "Strategic delegation in an experimental mixed duopoly," Journal of Economic Behavior & Organization, Elsevier, vol. 87(C), pages 91-100.
    10. Jordi Brandts & David J. Cooper, 2016. "Payoff Calculator Data: An Inexpensive Window into Decision Making," Working Papers 903, Barcelona Graduate School of Economics.
    11. Ali al-Nowaihi & Sanjit Dhami, 2015. "Evidential Equilibria: Heuristics and Biases in Static Games of Complete Information," Games, MDPI, Open Access Journal, vol. 6(4), pages 1-40, November.
    12. Max Albert & Andreas Hildenbrand, 2016. "Industrial Organization and Experimental Economics: How to Learn from Laboratory Experiments," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 33(1), pages 135-156, August.
    13. Gomez-Martinez, Francisco & Onderstal, Sander & Sonnemans, Joep, 2016. "Firm-specific information and explicit collusion in experimental oligopolies," European Economic Review, Elsevier, vol. 82(C), pages 132-141.
    14. Zizzo, Daniel John, 2013. "Claims and confounds in economic experiments," Journal of Economic Behavior & Organization, Elsevier, vol. 93(C), pages 186-195.
    15. Duersch, Peter & Eife, Thomas, 2013. "Price Competition in an Inflationary Environment," Working Papers 0547, University of Heidelberg, Department of Economics.
    16. Sanjit Dhami & Ali al-Nowaihi, 2013. "Evidential equilibria: Heuristics and biases in static games," Discussion Papers in Economics 13/25, Department of Economics, University of Leicester.
    17. Cason, Timothy N. & Gangadharan, Lata, 2013. "Empowering neighbors versus imposing regulations: An experimental analysis of pollution reduction schemes," Journal of Environmental Economics and Management, Elsevier, vol. 65(3), pages 469-484.
    18. Sanjit Dhami & ali al-Nowaihi, 2012. "Evidential equilibria in static games," Discussion Papers in Economics 12/15, Department of Economics, University of Leicester.
    19. Waichman, Israel & Requate, Till & Siang, Ch’ng Kean, 2014. "Communication in Cournot competition: An experimental study," Journal of Economic Psychology, Elsevier, vol. 42(C), pages 1-16.

    More about this item

    Keywords

    Cournot oligopoly; Laboratory experiment; Profit table; Profit calculator; Best-response calculator; L13; C72; C92; D21;

    JEL classification:

    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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