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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 despite the absence of...
Persistent link: https://www.econbiz.de/10009580461
Weekly repo auctions are the European Central Bank's most important policy instrument. Provided that banks bid … seriously, these auctions should reveal useful information about banks' liquidity needs and the stance of monetary policy … ; auctions ; European Central Bank …
Persistent link: https://www.econbiz.de/10009581093