Paper #230
- Title:
- An experimental study of adaptive behavior in an oligopolistic market game
- Authors:
- Rosemarie Nagel and Nicolaas J. Vriend
- Date:
- July 1997
- Abstract:
- We consider an oligopolistic market game, in which the players are competing firm in the same market of a homogeneous 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 the players in such a situation.
- Keywords:
- Market game, oligopoly, adaptive behavior, learning, Leex
- JEL codes:
- C7, C9, D8
- Area of Research:
- Behavioral and Experimental Economics
- Published in:
- Journal of Evolutionary Economics, 9, Issue 1, p. 27-65, 1999
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