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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
the two auctions are the same. When the entry prices of the two auctions differ, many subjects can be shown to be willing … expectations about the risk preferences of their opponents. -- bidder preferences ; private values ; sealed bid auctions … ; ascending auctions …
Persistent link: https://www.econbiz.de/10009627275