Essays On Bounded Rationality In Auctions And Bargaining
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Essays On Bounded Rationality In Auctions And Bargaining
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Author : Tanjim Hossain
language : en
Publisher:
Release Date : 2004
Essays On Bounded Rationality In Auctions And Bargaining written by Tanjim Hossain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Essays In Bargaining Search And Bounded Rationality
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Author : Anita Gantner
language : en
Publisher:
Release Date : 2003
Essays In Bargaining Search And Bounded Rationality written by Anita Gantner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Three Essays On Auctions And Bargaining
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Author : Yumiko Baba
language : en
Publisher:
Release Date : 1997
Three Essays On Auctions And Bargaining written by Yumiko Baba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Essays On Auction Bargaining And Contract Theory
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Author : Zhiyong Yao
language : en
Publisher:
Release Date : 2007
Essays On Auction Bargaining And Contract Theory written by Zhiyong Yao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Negotiation in business categories.
Case Concerning The Delimitation Of The Maritime Boundary In The Gulf Of Maine Area
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Author :
language : en
Publisher:
Release Date :
Case Concerning The Delimitation Of The Maritime Boundary In The Gulf Of Maine Area written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Dissertation Abstracts International
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Author :
language : en
Publisher:
Release Date : 2009-11
Dissertation Abstracts International written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-11 with Dissertations, Academic categories.
Essays On Bounded Rationality In Games And Markets
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Author : So Eun Park
language : en
Publisher:
Release Date : 2014
Essays On Bounded Rationality In Games And Markets written by So Eun Park and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
In economics, players are assumed to be rational: they exhibit self interested behavior and play equilibrium strategies. However, in laboratory games or actual markets, players often manifest behavior that is rather consistent with bounded rationality. This thesis consists of two chapters, which relax the standard assumptions on rationality and allow for bounded rationality of players. The first essay weakens the assumption that players are self interested. In this essay, a retail market is empirically investigated under the relaxed assumption that firms may not be purely self interested or profit maximizing. Standard models of price competition stipulate that firms are pure profit maximizers; this assumption can be sensible and empirically useful in inferring product markups in a market with no direct government intervention. However, in markets for essential goods such as food and healthcare, a government may wish to address its consumer surplus concerns by imposing regulatory constraints or actively participating as a player in the market. As a consequence, some firms may have objectives beyond profit maximization and standard models may induce systematic biases in empirical estimation. This essay develops the structural model of price competition where some firms have consumer surplus concerns. Our model is applied in order to understand demand and supply behaviors in a retail grocery market where the dominant retailer publicly declares its consumer surplus objective. Our estimation results show that the observed low prices of this retailer arise indeed as a consequence of its consumer surplus concerns instead of its low marginal costs. The estimated degree of consumer surplus concerns suggests that the dominant retailer weighs consumer surplus to profit in a 1 to 7 ratio. The counterfactual analysis reveals that if the dominant retailer were to be profit maximizing as in the standard model, its prices would increase by 6.09% on average. As a consequence, its profit would increase by 1.16% and total consumer surplus would decrease by 7.18%. To the contrary, competitors lower their prices in response to the dominant retailer's increased prices, i.e., become less aggressive as if they are strategic substitutes. Interestingly, even though profit of all firms increases, total social surplus would decrease by 3.21% suggesting that profit maximization by all firms induces an inefficient outcome for the market. The second essay relaxes the rationality assumption that players exhibit equilibrium behavior, and develops a model that explains nonequilibrium behavior of players in laboratory games. In standard nonequilibrium models of iterative thinking, there is a fixed rule hierarchy and every player chooses a fixed rule level; nonequilibrium behavior emerges when some players do not perform enough thinking steps. Existing approaches however are inherently static. In this essay, we generalize models of iterative thinking to incorporate adaptive and sophisticated learning. Our model has three key features. First, the rule hierarchy is dynamic, i.e., the action that corresponds to each rule level can evolve over time depending on historical game plays. Second, players' rule levels are dynamic. Specifically, players update beliefs about opponents' rule levels in each round and change their rule level in order to maximize payoff. Third, our model accommodates a continuous rule hierarchy, so that every possible observed action can be directly interpreted as a real-numbered rule level r. The proposed model unifies and generalizes two seemingly distinct streams of nonequilibrium models (level-k and belief learning models) and as a consequence nests several well-known nonequilibrium models as special cases. When both the rule hierarchy and players' rule levels are fixed, we have a static level-r model (which generalizes the standard level-k model). When only players' rule levels are fixed, our model reduces to a static level-r model with dynamic rule hierarchy and captures adaptive learning. When only the rule hierarchy is fixed, our model reduces to a dynamic level-r model and captures sophisticated learning. Since our model always converges to the iterative dominance solution, it can serve as a model of the equilibration process. Using experimental data on p-beauty contests, we show that our model describes subjects' dynamic behavior better than all its special cases. In addition, we collect new experimental data on a generalized price matching game. The estimation results show that it is crucial to allow for both adaptive and sophisticated learning in predicting dynamic choice behaviors across games.
Essays In Bounded Rationality And Strategic Interaction
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Author : Frederik Roose Øvlisen
language : en
Publisher:
Release Date : 2009
Essays In Bounded Rationality And Strategic Interaction written by Frederik Roose Øvlisen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
The Future Of Economic Design
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Author : Jean-François Laslier
language : en
Publisher: Springer Nature
Release Date : 2019-11-15
The Future Of Economic Design written by Jean-François Laslier and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-15 with Business & Economics categories.
This collection of essays represents responses by over eighty scholars to an unusual request: give your high level assessment of the field of economic design, as broadly construed. Where do we come from? Where do we go from here? The book editors invited short, informal reflections expressing deeply felt but hard to demonstrate opinions, unsupported speculation, and controversial views of a kind one might not normally risk submitting for review. The contributors – both senior researchers who have shaped the field and promising, younger researchers – responded with a diverse collection of provocative pieces, including: retrospective assessments or surveys of the field; opinion papers; reflections on critical points for the development of the discipline; proposals for the immediate future; "science fiction"; and many more. The readers should have fun reading these unusual pieces – as much as the contributors enjoyed writing them.
Essays In Contemporary Fields Of Economics
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Author : George Horwich
language : en
Publisher: Purdue University Press
Release Date : 1981
Essays In Contemporary Fields Of Economics written by George Horwich and has been published by Purdue University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1981 with Business & Economics categories.
This volume honors Emanuel T. Weiler, the founder and first dean of Purdue University's School of Management and of the Krannert Graduate School of Management. Beginning in the mid-1950s, Weiler created a unique academic environment within which innovative and lasting contributions were made to both the teaching and content of economics and management. Members of the original economics faculty recruited by Weiler as well as several of their students wrote this collection of essays. All but one of the papers were prepared expressly for the volume and have not been published previously. The essays cover diverse areas which evolved from Weiler's leadership. The work has four major topical divisions (Economic Theory, Applied Economics, Macroeconomics, and Economics Education) plus a section of four memoirs.