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In oligopoly, imitating the most successful competitor yields very competitive outcomes. This theoretical prediction …
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This paper presents an experiment on learning in repeated games, which complements the analysis of players' actual … choices with data on the information acquisition process they follow. Subjects play a repeated Cournot oligopoly, with limited … higher profits in the past. -- information ; imitation ; Cournot oligopoly ; EWA learning …
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A well-known result by Vega-Redondo (1997) implies that in symmetric Cournot oligopoly, imitation leads to the …
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This paper examines the ability of a policy maker to control equilibrium outcomes in a global coordination game; applications include currency attacks, bank runs, and debt crises. A unique equilibrium is known to survive when the policy is exogenously fixed. We show that, by conveying...
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