Anufriev, Mikhail; Kopányi, Dávid; Tuinstra, Jan - In: Journal of Economic Dynamics and Control 37 (2013) 12, pp. 2562-2581
This paper stresses the importance of heterogeneity in learning. We consider a Bertrand oligopoly with firms using either least squares learning or gradient learning for determining the price. We demonstrate that convergence properties of the rules are strongly affected by heterogeneity. In...