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URL:
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https://ub-madoc.bib.uni-mannheim.de/2470
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URN:
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urn:nbn:de:bsz:180-madoc-24705
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Document Type:
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Working paper
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Year of publication:
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2007
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The title of a journal, publication series:
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Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
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Volume:
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07-69
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Place of publication:
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Mannheim
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Publication language:
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English
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Institution:
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School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
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MADOC publication series:
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Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
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Subject:
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330 Economics
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Classification:
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JEL:
L13 D43 C92 C91 C72 ,
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Subject headings (SWD):
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Imitationswettbewerb , Evolutionäre Spieltheorie , Oligopol , Allgemeines Gleichgewicht , Test , Theorie
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Keywords (English):
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Evolutionary game theory , Stochastic stability , Imitation , Cournot markets , Information , Experiments , Simulations
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Abstract:
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A well-known result by Vega-Redondo implies that in symmetric Cournot oligopoly, imitation leads to the Walrasian outcome where price equals marginal cost. In this paper we show that this result is not robust to the slightest asymmetry in fixed costs. Instead of obtaining the Walrasian outcome as unique prediction, every outcome where agents choose identical actions will be played some fraction of the time in the long run. We then conduct experiments to check this fragility. We obtain that, contrary to the theoretical prediction, the Walrasian outcome is still a good predictor of behavior.
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Additional information:
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Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
Mannheim
07-69
[Working paper]
![[img]](https://madoc.bib.uni-mannheim.de/style/images/fileicons/application_pdf.png)
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