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Can boundedly rational sellers learn to play Nash?

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  • Roger Waldeck
  • Eric Darmon

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  • Roger Waldeck & Eric Darmon, 2006. "Can boundedly rational sellers learn to play Nash?," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 1(2), pages 147-169, November.
    • Handle: RePEc:spr:jeicoo:v:1:y:2006:i:2:p:147-169
    DOI: 10.1007/s11403-006-0009-4
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    References listed on IDEAS

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    1. 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.
    2. Benaïm, Michel & Hofbauer, Josef & Hopkins, Ed, 2009. "Learning in games with unstable equilibria," Journal of Economic Theory, Elsevier, vol. 144(4), pages 1694-1709, July.
    3. Varian, Hal R, 1981. "A Model of Sales: Errata," American Economic Review, American Economic Association, vol. 71(3), pages 517-517, June.
    4. Erev, Ido & Roth, Alvin E, 1998. "Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria," American Economic Review, American Economic Association, vol. 88(4), pages 848-881, September.
    5. Varian, Hal R, 1980. "A Model of Sales," American Economic Review, American Economic Association, vol. 70(4), pages 651-659, September.
    6. C. Monica Capra & Jacob K Goeree & Rosario Gomez & Charles A Holt, 2002. "Learning and Noisy Equilibrium Behavior in an Experimental Study of Imperfect Price Competition," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(3), pages 613-636, August.
    7. Darmon, Eric & Waldeck, Roger, 2005. "Convergence of reinforcement learning to Nash equilibrium: A search-market experiment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 355(1), pages 119-130.
    8. Kirman, Alan P. & Vriend, Nicolaas J., 2001. "Evolving market structure: An ACE model of price dispersion and loyalty," Journal of Economic Dynamics and Control, Elsevier, vol. 25(3-4), pages 459-502, March.
    9. Martin Posch, 1997. "Cycling in a stochastic learning algorithm for normal form games," Journal of Evolutionary Economics, Springer, vol. 7(2), pages 193-207.
    10. Ed Hopkins & Robert M. Seymour, 2002. "The Stability of Price Dispersion under Seller and Consumer Learning," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(4), pages 1157-1190, November.
    11. Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
    12. Waldeck, Roger, 2008. "Search and price competition," Journal of Economic Behavior & Organization, Elsevier, vol. 66(2), pages 347-357, May.
    13. Beggs, A.W., 2005. "On the convergence of reinforcement learning," Journal of Economic Theory, Elsevier, vol. 122(1), pages 1-36, May.
    14. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69(3), pages 213-213.
    15. repec:adr:anecst:y:1989:i:14:p:07 is not listed on IDEAS
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    Cited by:

    1. Waldeck, Roger, 2008. "Search and price competition," Journal of Economic Behavior & Organization, Elsevier, vol. 66(2), pages 347-357, May.
    2. Robert Jump, 2013. "Results on the Stability of a Simple Wage Posting Model," Studies in Economics 1319, School of Economics, University of Kent.
    3. Roger Waldeck, 2008. "Search and price competition," Post-Print hal-02161480, HAL.
    4. Robert Jump, 2016. "Evolutionary learning and the stability of wage posting equilibria," Journal of Evolutionary Economics, Springer, vol. 26(5), pages 1117-1135, December.

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    More about this item

    Keywords

    Imperfect information; Price competition; Price dispersion; Search market equilibrium; Reinforcement learning; Numerical computation; D43; D83; C63;
    All these keywords.

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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