Matsumoto, Akio; Nakayama, Keiko - 2014
make an optimal decision of price and output to maximize its profit and realize it. As a result, the text-book monopoly …Implicit in the text-book monopoly is an assumption of complete and instantaneous information or knowledge available to … economic agents goes too far. In reality the monopolist is boundedly rational and adjusts its price and output as a function of …