Inexperienced and Experienced Players in an Oligopolistic Market Game with Minimal Information

Rosemarie Nagel and Nicolaas Vriend

Industrial and Corporate Change, 1999, vol. 8, issue 1, 41-65

Abstract: We consider an oligopolistic market game, in which the players are competing firms 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. Given a simple mode of adaptive behavior, which we showed in a previous paper explained the data relatively well, our main objective here is to analyze whether experienced players behave differently to inexperienced players. Copyright 1999 by Oxford University Press.

Date: 1999
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