An Experimental Study of Adaptive Behavior in an Oligopolistic Market Game

Rosemarie Nagel () and Nicolaas J. Vriend ()

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: We consider an oligopolistic market game, in which the players are competing firm in the same market of a homogeneous consumption good. The consumer side is represented by a fixed demand function. The firms decide how much to produce of a perishable consumption good, and they decide upon a number of information signals to be sent into the population in order to attract customers. Due to the minimal information provided, the players do not have a well--specified model of their environment. Our main objective is to characterize the adaptive behavior of the players in such a situation.

Keywords: Market game; oligopoly; adaptive behavior; learning; Leex (search for similar items in EconPapers)
JEL-codes: C7 C9 D8 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp, nep-exp, nep-gth and nep-tid
Date: Written
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Related works:
Working Paper: An Experimental Study of Adaptive Behavior in an Oligopolistic Market Game (1997)
Journal Article: An experimental study of adaptive behavior in an oligopolistic market game (1999)
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Persistent link: http://EconPapers.repec.org/RePEc:upf:upfgen:230

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