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An individual evolutionary learning model meets Cournot

Author

Listed:
  • Jasmina Arifovic

    (SFU.ca - Simon Fraser University = Université Simon Fraser)

  • Liang Diao

    (CESAER - Centre d'économie et de sociologie rurales appliquées à l'agriculture et aux espaces ruraux - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro Dijon - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement)

  • Nobuyuki Hanaki

    (Osaka University of Economics, University of Limassol)

Abstract

We extend the individual evolutionary learning model by incorporating other-regarding considerations and apply the model to some Cournot games. Using a model fitted to the experimental data of a repeated three-player Cournot game (with non-linear cost and demand functions), we provide out-of-sample predictions regarding the "feedback effects" and "number effects" and test them using the data gathered via newly conducted experiments. The prediction regarding the feedback effect is partially confirmed. Namely, it is observed for the three- and four-player games, but not the two-player game. The prediction regarding the number effect is also partially confirmed in that while the model predicts the number effect to be observed with detailed feedback, and not under aggregate feedback, the effect is observed with both types of feedback.

Suggested Citation

  • Jasmina Arifovic & Liang Diao & Nobuyuki Hanaki, 2025. "An individual evolutionary learning model meets Cournot," Post-Print hal-05165058, HAL.
    • Handle: RePEc:hal:journl:hal-05165058
    DOI: 10.1016/j.jedc.2024.104992
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    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
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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