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In this note we study a very simple trial & error learning process in the context of a Cournot oligopoly. Without any knowledge of the payoff functions players increase, respectively decrease, their quantity by one unit as long as this leads to higher profits. We show that this process converges...
Persistent link: https://www.econbiz.de/10005062333
are that foreclosure is in fact a subgame perfect Nash equilibrium of the repeated game, and it may facilitate collusion …
Persistent link: https://www.econbiz.de/10005076896