Some Results Of 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.
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.
Journal Of Industrial Economics
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Author :
language : en
Publisher:
Release Date : 1962
Journal Of Industrial Economics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1962 with categories.
The Selten School Of Behavioral Economics
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Author : Axel Ockenfels
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-09-09
The Selten School Of Behavioral Economics written by Axel Ockenfels 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 2010-09-09 with Mathematics categories.
Reinhard Selten, to date the only German Nobel Prize laureate in economics, celebrates his 80th birthday in 2010. While his contributions to game theory are well-known, the behavioral side of his scientific work has received less public exposure, even though he has been committed to experimental research during his entire career, publishing more experimental than theoretical papers in top-tier journals. This Festschrift is dedicated to Reinhard Selten’s exceptional influence on behavioral and experimental economics. In this collection of academic highlight papers, a number of his students are joined by leading scholars in experimental research to document the historical role of the “Meister” in the development of the research methodology and of several sub-fields of behavioral economics. Next to the academic insight in these highly active fields of experimental research, the papers also provide a glance at Reinhard Selten’s academic and personal interaction with his students and peers.
Ibss Economics 1993 Vol 42
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Author :
language : en
Publisher: Psychology Press
Release Date : 1994
Ibss Economics 1993 Vol 42 written by and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
This bibliography lists the most important works published in economics in 1993. Renowned for its international coverage and rigorous selection procedures, the IBSS provides researchers and librarians with the most comprehensive and scholarly bibliographic service available in the social sciences. The IBSS is compiled by the British Library of Political and Economic Science at the London School of Economics, one of the world's leading social science institutions. Published annually, the IBSS is available in four subject areas: anthropology, economics, political science and sociology.
Stochastic Games And Applications
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Author : Abraham Neyman
language : en
Publisher: Springer Science & Business Media
Release Date : 2003-10-31
Stochastic Games And Applications written by Abraham Neyman 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 2003-10-31 with Business & Economics categories.
Proceedings of the NATO Advanced Study Institute, Stony Brook, New York, U.S.A., from 7 to 17 July 1999
International Journal Of Industrial Organization
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Author :
language : en
Publisher:
Release Date : 2000
International Journal Of Industrial Organization written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Electronic journals categories.
Handbook On Optimal Growth 1
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Author : Rose-Anne Dana
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-07-01
Handbook On Optimal Growth 1 written by Rose-Anne Dana 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 2006-07-01 with Business & Economics categories.
The problem of e?cient or optimal allocation of resources is a fundamental concern of economic analysis. The theory of optimal economic growth can be viewedasanaspectofthiscentraltheme,whichemphasizesingeneraltheissues arising in the allocation of resources over an in?nite time horizon, and in p- ticular the consumption-investment decision process in models in which there is no natural ”terminal date”. This broad scope of ”optimal growth theory” is one which has evolved over time, as economists have discovered new interp- tations of its central results, as well as new applications of its basic methods. The purpose of this handbook is to provide surveys of some signi?cant results of the theory of optimal growth,as well as the techniques of dynamic optimi- tion theory on which they are based. Armed with the results and methods of this theory, a researcher should be in an advantageous position to apply these versatile methods of analysis to new issues in the area of dynamic economics, as well as to contribute to the further development of the mathematical te- niques of optimization over time. The survey included in this volume all have as a common starting point the seminal contribution of Frank Ramsey (1928).
Surveys In Experimental Economics
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Author : Friedel Bolle
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Surveys In Experimental Economics written by Friedel Bolle 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.
Experimental Economics has experienced a steadily growing interest by economists during the last decade. This may not surprise since laboratory and field experiments obviously provide a further valuable source of empirical evidence of economic behavior besides statistics, econometrics, polls, interviews and simulations. In an overview of the recent developments in Experimental Economics, the present book concentrates on three central themes standing in the actual research focus: bargaining, cooperation and election markets. For each one of these topics the volume presents several state-of-the-art survey articles by experts in the field, accompanied by detailed comments. While the experimental approach sheds new light on the microeconomic standard topics of bargaining and cooperation, the election market approach as a new field may provide better forecasts for political elections - and for soccer World Championships.
Two Person Bargaining Experiments With Incomplete Information
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Author : Bettina Kuon
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Two Person Bargaining Experiments With Incomplete Information written by Bettina Kuon 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.
Think of the following situation: A project yielding a gross profit of 100 is offered to two firms. The project can only be conducted by a cooperation of the two firms. No firm is able to conduct the project alone. In order to receive the project the firms have to agree on the allocation of the gross profit. Each of both firms has an alternative project it conducts in case the joint project is not realized. The profitability of an allocation of the joint gross profit for a firm depends on the gross profit from its alternative project. The gross profit from an alternative project can be either 0 (low alternative value) or O