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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
We examine learning behavior in auctions and Fair division games with independent private values under two different … adjustments. The evidence supports a cognitive approach to learning. -- Learning ; Auctions ; Fair Division Games …
Persistent link: https://www.econbiz.de/10009581102
In auctions an outside seIler offers a commodity for sale and collects the revenue w hich is achieved. In fair division … price expectations and the efficiency rates. -- auctions ; fair division games ; bid function …
Persistent link: https://www.econbiz.de/10009582405