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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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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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Profitable horizontal mergers : a market structure-oriented view
Huck, Steffen; Konrad, Kai A.; Müller, Wieland - 2000
are linear. The results help to reconcile theory with various empirical findings on mergers. -- efficient hedging …
Persistent link: https://www.econbiz.de/10009583894
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Why firms should care for customers
Königstein, Manfred; Müller, Wieland - 2000
orientation ; heterogenous market ; duopoly …
Persistent link: https://www.econbiz.de/10009612021
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The East End, the West End, and King’s Cross : on clustering in the four-player hotelling game
Huck, Steffen; Müller, Wieland; Vriend, Nicolaas J. - 2000
This article investigates whether decision makers intuitively optimize close to the normative prediction in entrepreneurial decision situations where their time must be allocated between a wage job and a newly formed venture. We offer an analytical model based on maximizing expected utility, and...
Persistent link: https://www.econbiz.de/10009583426
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Hedging the standard of living via cost of living index futures
Schulz, Rainer - 2000
People dislike inflation because inflation erodes the real value of future nominal income and wealth. Adjustment of future nominal values via a cost of living index is an appropriate way to handle the problem of real income risk. Nonetheless an important aspect needs more discussion: If markets...
Persistent link: https://www.econbiz.de/10009612030
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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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Private information, risk aversion, and the evolution of market research
Güth, Sandra; Güth, Werner; Müller, Wieland - 2000
On a homogeneous oligopoly market informed sellers are fully aware of market demand whereas uninformed sellers only know the distribution. We first derive the market results when sellers are risk averse, similarly to Ponssard (1979) who assumed risk neutrality throughout. With the help of these...
Persistent link: https://www.econbiz.de/10009612010
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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
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To commit or not to commit : endogenous timing in experimental duopoly markets
Huck, Steffen; Müller, Wieland; Normann, Hans-Theo - 1999
). In their duopoly game, firms can choose their quantities in one of two periods before the market clears. If a firm … leadership. Our data, however, does not confirm the theory. While Stackelberg equilibria are extremely rare we often observe …
Persistent link: https://www.econbiz.de/10009580476