Experimental Duopoly Markets With Demand Inertia

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Experimental Duopoly Markets With Demand Inertia

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Author : Claudia Keser
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Experimental Duopoly Markets With Demand Inertia written by Claudia Keser and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

This report portrays the results of experimental research on dynamic duopoly markets with demand inertia. Two methods of experimentation are studied: game-playing experiments where subjects interact spontaneously via computer terminals, and computer tournaments between strategies designed by subjects. The principal aim of this study is the understanding of boundedly rational decision making in the dynamic duopoly situation. 1. 1 Motivation The experiments examine a multistage duopoly game where prices in each period are the only decision variables. Sales depend on current prices and also on past sales (demand inertia). Applying the game-theoretic concept of subgame perfect equilibrium, the game is solved by backward induction. The result is a uniquely determined system of decision rules. However, we can hardly expect that human beings behave according to the equilibrium strategy of this game. It is unlikely that subjects are able to compute the equilibrium. And even if a subject is able to compute it, he might not make use of this knowledge. Only if he expects the others to behave according to the equilibrium, it is optimal for him to play the equilibrium strategy. We have evidence from several earlier experimental studies on oligopoly markets that, even in less complex oligopoly situations where the equilibrium solutions are very easy to compute, human behavior often is different from what is prescribed by normative theory. ! Normative theory is based on the concept of ideal rationality. However, human capabilities impose cognitive limits on rationality.

Experimental Duopoly Markets With Demand Inertia

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Author : Claudia Keser
language : en
Publisher:
Release Date : 1992-12-17

Experimental Duopoly Markets With Demand Inertia written by Claudia Keser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-12-17 with categories.

Some Results Of Experimental Duopoly Markets With Demand Inertia

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Author : Claudia Keser
language : de
Publisher:
Release Date : 1990

Some Results Of Experimental Duopoly Markets With Demand Inertia written by Claudia Keser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with categories.

Research And Practice In Multiple Criteria Decision Making

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Author : Yacov Y. Haimes
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Research And Practice In Multiple Criteria Decision Making written by Yacov Y. Haimes and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

During the past two decades, the consideration of mUltiple objectives in modeling and decision making has grown by leaps and bounds. The nineties in particular have seen the emphasis shift from the dominance of single-objective modeling and optimization toward an emphasis on multiple objectives. The proceedings of this Conference epitomize these evolutionary changes and contribute to the important role that the tield of multiple criteria decision making (MCDM) now plays in planning, design, operational, management, and policy decisions. Of special interest are the contributions of MCDM to manufacturing engineering. For example, it has recently been recognized that optimal, single-objective solutions have often been pursued at the expense of the much broader applicability of designs and solutions that satisfy multiple objectives. In particular, the theme (MCDM and Its Worldwide Role in Risk-Based Decision Making) of the XIVth International Conference on Multiple Criteria Decision Making (Charlottesville, Virginia, USA, June 8-12, 1998) represents the growing importance of risk-cost-benefit analysis in decision making and in engineering design and manufacturing. In such systems, minimizing the of rare and extreme events emerges as an essential objective that risk complements the minimization of the traditional expected value of risk, along with the objectives attached to cost and performance. These proceedings include forty-five papers that were presented at the Conference. A variety of techniques have been proposed for solving multiple criteria decision-making problems. The emphasis and style of the different techniques largely reflect the fields of expertise of their developers.

Omitted Variable Tests And Dynamic Specification

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Author : Björn Schmolck
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Omitted Variable Tests And Dynamic Specification written by Björn Schmolck and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

This book deals with the omitted variable test for a multivariate time-series regression model. The empirical motivation is the homogeneity test for a consumer demand system. The consequences of using a dynamically misspecified omitted variable test are shown in detail. The analysis starts with the univariate t-test and is then extended to the multivariate regression system. The small sample performance of the dynamically correctly specified omitted variable test is analysed by simulation. Two classes of tests are considered: versions of the likelihood ratio test and the robust Wald test which is based on a heteroskedasticity and autocorrelation consistent variance-covariance estimator (HAC).

Transitional Dynamics And Economic Growth In Developing Countries

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Author : Thomas Steger
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Transitional Dynamics And Economic Growth In Developing Countries written by Thomas Steger and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Four stylised facts of aggregate economic growth are set up initially. The growth process is interpreted to represent transitional dynamics rather than balanced-growth equilibria. Against this background, the fundamental importance of subsistence consumption is comprehensively analysed. Subsequently, the meaning of the productive-consumption hypothesis for the intertemporal consumption trade-off and the growth process is investigated. Finally, the process of growth is analysed empirically by means of cross-sectional conditional convergence regressions with endogenous control variables.

A Theory Of International Trade

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Author : Wei-Bin Zhang
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

A Theory Of International Trade written by Wei-Bin Zhang and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Over more than two centuries the development ofeconomic theory has created a wide array of different concepts, theories, and insights. My recent book Capital and Knowledge (Zhang, 1999a) shows how separate economic theories such as the Marxian economics, the Keynesian economics, the general equilibrium theory, and the neoclassical growth theory can be examined within a single theoretical framework. The Capital and Knowledge constructs an economic theory to account for the phenomena explained by the main economic theories (of national economies) in a unified manner. It tries to draw together the disparate branches of economics into a single organized system ofknowledge. This book is a part of my economic theory with endogenous population, capital, knowledge, preferences, sexual division of labor and consumption, institutions, economic structures and exchange values over time and space (Zhang, 1996a). As an extension of the Capital and Knowledge, which is focused on the dynamics of national economies, this book is to construct a theory of international trade. We are concerned with dynamic relations between international division of labor, division of consumption and determination of prices structure in global economy. We examine dynamic interdependence between capital accumulation, knowledge creation and utilization, economic growth, price structures and international trade patterns under free competition. Our theory is constructed on the basis of a few concepts within a compact framework.

Time To Build

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Author : Marga Peeters
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Time To Build written by Marga Peeters and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

As large physical capital stock projects need long periods to be built, a time-to-build specification is incorporated in factor demand models. Time-to-build and adjustment costs dynamics are identified since by the first moving average dynamics, whereas by the latter autoregressive dynamics are induced. Empirical evidence for time-to-build is obtained from data from the Dutch construction industry and by the estimation result from the manufacturing industry of six OECD countries.

New Trends In Distribution Logistics

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Author : M. Grazia Speranza
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

New Trends In Distribution Logistics written by M. Grazia Speranza and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

The globalization of markets has reinforced the interest in logistics. A constantly raising level of competition among companies stresses the need for improved logistic processes, in terms of cost reduction and increased service level. The book covers the main problems of distribution logistics: network design and location problems, tactical and operational planning of transport, internal logistics, and inventory management. The book contains a rigorous methodological approach with an emphasis on practical problems. Two survey papers provide references and open problems.

Causal And Stochastic Elements In Business Cycles

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Author : Arvid Aulin
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Causal And Stochastic Elements In Business Cycles written by Arvid Aulin and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

1. Facts: A leisure term with an unbounded value function, when added to utility in the Lucas (1988) 'mechanics of economic development', expands enormously the range of data covered by the theory. To explain this we have to ask two questions. First: why leisure would be so much desired? Perhaps because leisure is one's own time and such a leisure term means an unbounded value of individual freedom. But why leisure is economically productive, as implied by the results obtained in this study? Perhaps because cognitive innovations often occur during the time which in economics is registered as leisure? Then an unbounded leisure term would also make room for an unbounded creation of knowledge, as distinguished from the mere transmission of knowledge in education and training. In any case the leisure term seems to act as if it where the'hole' through which strong nonmaterial values affect economics. The ensuing 'extended mechanics' is derived in Chapters 4-6 and proves to involve an extension of growth theory as well as a theory of the causal part of business cycles. Their empirical verification is given by showing (i) that the existence of the two Basic Growth Paths derived from this theory, defining its Growth Type 1 and Growth Type 2, respectively, is verified already by the statistics collected by Solow (1957) but ignored so far (see Chapter 5 of the present study); one of them, viz.