SFB 303 Discussion Paper No. B - 408

Author: Nagel, Rosemarie, and Nicolaas J. Vriend
Title: An Experimental Study of Adaptive Behavior in an Oligopolistic Market Game
Abstract: We consider an oligopolistic market game, in which the players are competing firms in the same market of a homogenous consumption good. The consumer side is represented by a fixed demand function. The firms decide how much to produce of a perishable consumption good, and they decide upon a number of information signals to be sent into the population in order to attract customers. Due to the minimal information provided, the players do not have a well-specified model of their environment. Our main objective is to characterize the adaptive behavior of players in such a situation.
Keywords: Market Game, Oligopoly, Adaptive Behavior, Learning
JEL-Classification-Number: C7, C9, D8
Creation-Date: July 1997
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