Imitation and belief learning in an oligopoly experiment
We examine the force of three types of behavioural dynamics in quantity-setting triopoly experiments: (1) mimicking the successful firm, (2) rules based on following the exemplary firm, and (3) rules based on belief learning. Theoretically, these three types of rules lead to the competitive, the collusive, and the Cournot—Nash outcome, respectively. In the experiment we employ three information treatments, each of which is hypothesized to be conducive to the force of one of the three dynamic rules. To a large extent, the results are consistent with the hypothesized relationships between treatments, behavioural rules, and outcomes. Copyright 2002, Wiley-Blackwell.
(This abstract was borrowed from another version of this item.)
|Date of creation:||2002|
|Publication status:||Published in Review of Economic Studies (2002), v.69, nr.4, p.973-997|
|Contact details of provider:|| Web page: https://www.tilburguniversity.edu/about/schools/economics-and-management/|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Potters, Jan & van Winden, Frans, 1996.
"Comparative Statics of a Signaling Game: An Experimental Study,"
International Journal of Game Theory,
Springer;Game Theory Society, vol. 25(3), pages 329-353.
- Potters, J.J.M. & van Winden, F., 1995. "Comparative statics of a signaling game : An experimental study," Discussion Paper 1995-126, Tilburg University, Center for Economic Research.
- Potters, J.J.M. & van Winden, F.A.A.M., 1996. "Comparative statics of a signaling game : An experimental study," Other publications TiSEM e6764809-6b65-4391-805c-9, Tilburg University, School of Economics and Management.
- Pingle, Mark, 1995. "Imitation versus rationality: An experimental perspective on decision making," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 24(2), pages 281-315.
- Mookherjee Dilip & Sopher Barry, 1994. "Learning Behavior in an Experimental Matching Pennies Game," Games and Economic Behavior, Elsevier, vol. 7(1), pages 62-91, July.
- Abbink, Klaus & Abdolkarim Sadrieh, 1995. "RatImage - research Assistance Toolbox for Computer-Aided Human Behavior Experiments," Discussion Paper Serie B 325, University of Bonn, Germany.
- 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.
- Steffen Huck & Hans-Theo Normann & Joerg Oechssler, 1997. "Learning in Cournot Oligopoly - An Experiment," Game Theory and Information 9707009, EconWPA, revised 22 Jul 1997.
- Boylan Richard T. & El-Gamal Mahmoud A., 1993. "Fictitious Play: A Statistical Study of Multiple Economic Experiments," Games and Economic Behavior, Elsevier, vol. 5(2), pages 205-222, April.
- Boylan, Richard T. & El-Gamal, Mahmoud A., 1990. "Fictitious Play: A Statistical Study of Multiple Economic Experiments," Working Papers 737, California Institute of Technology, Division of the Humanities and Social Sciences.
- R. Boylan & E. El-Gamal, 2010. "Fictitious Play: A Statistical Study of Multiple Economic Experiments," Levine's Working Paper Archive 403, David K. Levine.
- Roth, Alvin E. & Erev, Ido, 1995. "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games and Economic Behavior, Elsevier, vol. 8(1), pages 164-212.
- Fernando Vega-Redondo, 1997. "The Evolution of Walrasian Behavior," Econometrica, Econometric Society, vol. 65(2), pages 375-384, March.
- Fernando Vega Redondo, 1996. "The evolution of walrasian behavior," Working Papers. Serie AD 1996-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Milgrom, Paul & Roberts, John, 1991. "Adaptive and sophisticated learning in normal form games," Games and Economic Behavior, Elsevier, vol. 3(1), pages 82-100, February.
- Reinhard Selten & Michael Mitzkewitz & Gerald R. Uhlich, 1997. "Duopoly Strategies Programmed by Experienced Players," Econometrica, Econometric Society, vol. 65(3), pages 517-556, May.
- Selten,Reinhard & Mitzkewitz,Michael & Uhlich,Gerald, "undated". "Duopoly strategies programmed by experienced players," Discussion Paper Serie B 106, University of Bonn, Germany.
- Andrew F. Daughety, 1985. "Reconsidering Cournot: The Cournot Equilibrium is Consistent," RAND Journal of Economics, The RAND Corporation, vol. 16(3), pages 368-379, Autumn.
- Cheung, Yin-Wong & Friedman, Daniel, 1997. "Individual Learning in Normal Form Games: Some Laboratory Results," Games and Economic Behavior, Elsevier, vol. 19(1), pages 46-76, April. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:tiu:tiutis:a6a771c5-31ba-4193-8f76-a69928520be0. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Richard Broekman)
If references are entirely missing, you can add them using this form.