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The effects of leniency on cartel pricing

Houba, Harold; Motchenkova, Evgenia; Wen, Quan - 2014

We analyze how leniency affects cartel pricing in an infinitely-repeated oligopoly model where the fine rates are linked to illegal gains and detection probabilities depend on the degree of collusion. A novel aspect of this study is that we focus on the worst possible outcome. We investigate the...

Persistent link: https://www.econbiz.de/10010433900

The effects of leniency on maximal cartel pricing

Houba, Harold; Motchenkova, Evgenia; Wen, Quan - 2009

We analyze maximal cartel prices in infinitely-repeated oligopoly models under leniency where fines are linked to illegal gains, as often outlined in existing antitrust regulation, and detection probabilities depend on the degree of collusion. We introduce cartel culture that describes how...

Persistent link: https://www.econbiz.de/10011378956

Robust learning experiments : evidence for learning and deliberation

Güth, Werner - 2000

Persistent link: https://www.econbiz.de/10001543857

Cognitive ability, character skills, and learning to play equilibrium : a level-k analysis

Gill, David; Prowse, Victoria L. - 2014

In this paper we investigate how cognitive ability and character skills influence behavior, success and the evolution of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment and find striking differences according to cognitive...

Persistent link: https://www.econbiz.de/10010364492

From self-fulfilling mistakes to behavioral learning equilibria

Hommes, Cars H. - 2017

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of JMG's ideas of self-fulfilling mistakes....

Persistent link: https://www.econbiz.de/10011590425

Cognitive skills and the development of strategic sophistication

Fe, Eduardo; Gill, David - 2018

The wage effect of job-education vertical mismatch (i.e. overeducation) has only recently been investigated in the case of Ph.D. holders. The existing contributions rely on OLS estimates that allow measuring the average effect of being mismatched at the mean of the conditional wages...

Persistent link: https://www.econbiz.de/10011798125

Cognitive skills, strategic sophistication, and life outcomes

Fe, Eduardo; Gill, David; Prowse, Victoria - 2020

emphasize the importance of childhood theory-of-mind as a cognitive skill. We collected experimental data from more than seven … hundred children in a variety of strategic interactions. First, we find that theory-of-mind ability and cognitive ability both … provides support for the emergence of a sophisticated strategic theory-of-mind. Third, theory-of-mind and age strongly predict …

Persistent link: https://www.econbiz.de/10012322040

Reflexivity, expectations feedback and almost self-fulfilling equilibria : economic theory, empirical evidence and laboratory experiments

Hommes, Cars H. - 2013

We discuss recent work on bounded rationality and learning in relation to Soros' principle of reflexivity and stress the empirical importance of non-rational, almost self-fulfilling equilibria in positive feedback systems. As an empirical example, we discuss a behavioral asset pricing model with...

Persistent link: https://www.econbiz.de/10010227330

Individual expectations, limited rationality and aggregate outcomes

Te, Bao; Hommes, Cars H.; Sonnemans, Joep; Tuinstra, Jan - 2012

Persistent link: https://www.econbiz.de/10010191020

Econometric explorations on bounded rationality : the case of job changing behavior

Contini, Bruno (contributor); Morini, Matteo (contributor) - 2007

"In this paper we question the hypothesis of full rationality in the context of job changing behavior, via simple econometric explorations on microdata drawn from WHIP (Worker Histories Italian Panel). A rational outcome of the job matching process implies a positive tradeoff between future...

Persistent link: https://www.econbiz.de/10003451840