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Persistent link: https://www.econbiz.de/10011483526
In recent years, a growing literature has claimed that the market microstructure is sufficient to generate the so-called stylized facts without any reference to the behaviour of market players. Indeed, qualitative stylized-facts can be generated with zero-intelligence traders (ZITs) but we...
Persistent link: https://www.econbiz.de/10010999168
This paper qualifies and quantifies what is meant by higher price level and dispersion in an oligopoly market with imperfectly informed consumers for both Fixed Sample Search and Sequential Search. The objective is to identify the conditions under which prices become lower and price dispersion...
Persistent link: https://www.econbiz.de/10005135743
Since the introduction of Reinforcement Learning (RL) in Game Theory, a growing literature is concerned with the theoretical convergence of RL-driven outcomes towards Nash equilibrium. In this paper, we apply this issue to a search-theoretic framework (posted-price market) where sellers are...
Persistent link: https://www.econbiz.de/10010591758
Persistent link: https://www.econbiz.de/10005390641