An individual evolutionary learning model meets Cournot

Jasmina Arifovic, Liang Diao and Nobuyuki Hanaki
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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

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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.

Keywords: Individual evolutionary learning; Oligopoly; Experiment (search for similar items in EconPapers)
Date: 2025-03
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Published in Journal of Economic Dynamics and Control, 2025, 172, pp.104992. ⟨10.1016/j.jedc.2024.104992⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05165058

DOI: 10.1016/j.jedc.2024.104992

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