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Evolved Perception and Behaviour in Oligopolies

A previous study, which examined oligopolists as responding simply to past prices of their strategic rivals, used data from a mature market with stable rules of thumb (mappings from past actions or states of the market to present prices) for the oligopolists' behaviour, whether purposefully learnt or emerging from the natural selection of the rivalry. The earlier study imposed exogenous partitions on the action space, as perceived by the players. This study explores how such perceptions might be endogenised. A firm answer to the question of how oligopolists partition their perceptions of others' actions, both through time and across the price space, will also provide information on how much or how little information they choose to use: in short, how boundedly rational oligopolists are. We use data from a retail coffee market to examine the evolved optimal partitioning and mapping of price space, manifest as the oligopolists' rules of thumb.

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Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 1996 with number _038.

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Handle: RePEc:sce:scecf6:_038
Contact details of provider: Postal: Department of Econometrics, University of Geneva, 102 Bd Carl-Vogt, 1211 Geneva 4, Switzerland
Web page: http://www.unige.ch/ce/ce96/welcome.html
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  1. David F. Midgley & Robert E. Marks & Lee C. Cooper, 1997. "Breeding Competitive Strategies," Management Science, INFORMS, vol. 43(3), pages 257-275, March.
  2. John Geanakoplos, 1989. "Game Theory Without Partitions, and Applications to Speculation and Consensus," Cowles Foundation Discussion Papers 914, Cowles Foundation for Research in Economics, Yale University.
  3. Slade, Margaret E, 1992. "Vancouver's Gasoline-Price Wars: An Empirical Exercise in Uncovering Supergame Strategies," Review of Economic Studies, Wiley Blackwell, vol. 59(2), pages 257-76, April.
  4. Barton L. Lipman, 1993. "Information Processing and Bounded Rationality: A Survey," Working Papers 872, Queen's University, Department of Economics.
  5. D. Samet, 1987. "Ignoring Ignorance and Agreeing to Disagree," Discussion Papers 749, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. Dow, James, 1991. "Search Decisions with Limited Memory," Review of Economic Studies, Wiley Blackwell, vol. 58(1), pages 1-14, January.
  7. Banks, J.S. & Sundaram, R.K., 1989. "Repeated Games, Finite Automata, And Complexity," RCER Working Papers 183, University of Rochester - Center for Economic Research (RCER).
  8. Rubinstein, Ariel, 1986. "Finite automata play the repeated prisoner's dilemma," Journal of Economic Theory, Elsevier, vol. 39(1), pages 83-96, June.
  9. Ehud Kalai & William Stanford, 1986. "Finite Rationality and Interpersonal Complexity in Repeated Games," Discussion Papers 679, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  10. Dimitri, Nicola, 1993. "Learning partitions," Economics Letters, Elsevier, vol. 42(2-3), pages 195-199.
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