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Through trial & error to collusion
Huck, Steffen; Oechssler, Joerg; Normann, Hans-Theo - 1999
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
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Experimental "beauty contests" with homogeneous and heterogeneous players and with interior and boundary equilibria
Güth, Werner; Kocher, Martin; Sutter, Matthias - 2001
We study behavior in experimental beauty contests with, first, boundary and interior equilibria, and, second, homogeneous and heterogenous types of players. We find quicker and better convergence to the game-theoretic equilibrium with interior equilibria and homogeneous players. -- beauty...
Persistent link: https://www.econbiz.de/10009614296
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Strategic delegation in experimental markets
Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 2000
In this experiment, we analyze strategic delegation in a Cournot duopoly. Owners can choose among two different …, while the second contract gives an additional sales bonus. Although theory predicts the second contract to be chosen, it is …
Persistent link: https://www.econbiz.de/10009583883
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Does cascade behavior in information cascades reflect Bayesian updating? : an experimental study
Oberhammer, Clemens; Stiehler, Andreas - 2001
Updating behavior in cascade experiments is usually investigated on the basis of urn prediction. But urn predictions alone can only provide a very rough information on individual updating behavior. Therefore, we implement a BDM mechanism. Subjects have to submit maximum prices that they are...
Persistent link: https://www.econbiz.de/10009613603
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Simultaneous over- and underconfidence : evidence from experimental asset markets
Maciejovsky, Boris; Kirchler, Erich - 2001
In this paper individual overconfidence within the context of an experimental asset market is investigated. Overall, 72 participants traded one risky asset on six markets of 12 participants each. The results indicate that individuals were not generally overconfident. Moreover, overconfidence was...
Persistent link: https://www.econbiz.de/10009614297
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Privately contributing to public goods over time : an experimental study
Güth, Werner; Levati, Maria Vittoria; Stiehler, Andreas - 2002
Similar to Levati and Neugebauer (2001), a clock is used by which participants can vary their individual contributions for voluntarily providing a public good. As time goes by, participants either in(de)crease their contribution gradually or keep it constant. Groups of two poorly and two richly...
Persistent link: https://www.econbiz.de/10009620765
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Absent–minded drivers in the lab : testing Gilboa’s model
Huck, Steffen; Müller, Wieland - 2000
This note contributes to the discussion of decision problems with imperfect recall from an empirical point of view. We argue that, using standard methods of experimental economics, it is impossible to induce (or control for) absent-mindedness of subjects. Nevertheless, it is possible to test...
Persistent link: https://www.econbiz.de/10009583877
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Hotelling games with three, four, and more players
Brenner, Steffen - 2001
neither holds the Principle of Maximum Differentiation - as in the duopoly model - nor does the Principle of Minimum …
Persistent link: https://www.econbiz.de/10009613612
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Preemption in capacity and price determination : a study of endogenous timing of decisions for homogeneous markets
Güth, Sandra; Güth, Werner - 1998 - Rev.
The theory of industrial organization has experienced an impressive boom by using the methods of (non-cooperative) game … theory. The conclusions depend, however. crucially on subtle details of the market decision processes about which there exist …
Persistent link: https://www.econbiz.de/10009578566
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Simultaneous and sequential price competition in heterogeneous duopoly markets : experimental evidence
Kübler, Dorothea; Müller, Wieland - 2001
We investigate simultaneous and sequential price competition in duopoly markets with differentiated products. In both …, just as predicted by the theory, whereas average follower prices are not above average prices in the simultaneous market … simultaneous-move markets whereas first movers do not. As in theory, there is a significant first-mover disadvantage when firms …
Persistent link: https://www.econbiz.de/10009617949