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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/10011538701
oligopolies with two, three, four, and five firms in a unified frame. With two firms we find some collusion. Three …
Persistent link: https://www.econbiz.de/10011539897