The theory of competition as a discovery procedure argues that the results of this procedure cannot be predicted … competition actually works as predicted. This article rejects this view. We argue that outcomes of the discovery procedure can be … as a classroom experiment. and show that competition is likely to discover the market equilibrium as well as the wealth …

competition acts as a discovery procedure. The experiment is of high didactical value, since the students gain insights into …

experience entry and other do not. In all pre-entry markets competition is more intense. Post-entry behavior in all markets is …

We devise an experiment to explore the effect of different degrees of competition on optimal contracts in a hidden … principals. We first show theoretically how these different degrees of competition affect outcomes and efficiency. Informational … relative number of agents because competition reduces the agents' informational monopoly power. However, this environment also …

We describe a first experiment on whether product complexity affects competition and consumers in retail markets. We …

In the economic literature on market competition, firms are often modelled as individual decision makers and the … competition. Nevertheless, there are models of team-organization such that team-firms and individual firms are behaviorally … equivalent. This provides a theoretical foundation for the unitary player assumption in Cournot competition. We show that this …

We devise an experiment to explore the effect of different degrees of competition on optimal contracts in a hidden … principals. We first show theoretically how these different degrees of competition affect outcomes and efficiency. Informational … relative number of agents because competition reduces the agents' informational monopoly power. However, this environment also …