A player's knowledge of her own actions and the corresponding own payoffs may enable her to infer or form belief about what the payoffs would have been if she had played differently. In studies of low-information game settings, however, players' ex-post inferences and beliefs have been largely...

This paper studies the effects of increasing the number of sellers on Quantal Response Equilibrium (QRE) prices in homogeneous product Bertrand oligopoly markets. We show that the two most commonly used choice functions (power and logistic) lead to qualitatively different comparative-static...

Learning in real life is based on different processes. Humans learn to a certain extent from their own experience but also learn by observing what non directly related others have done. In this paper we propose a generalized payoff assessment learning (GPAL) model which enables us to evaluate...

This paper develops a quantal-response adaptive learning model which combines sellers' bounded rationality with adaptive belief learning in order to explain price dispersion and dynamics in laboratory Bertrand markets with perfect information. In the model, sellers hold beliefs about their...

Purpose: Internationalization has emerged as a vital catch-up strategy for firms in emerging markets. Although external knowledge search has been widely acknowledged as an important way within the internationalization process, there appear to be opposing views as to whether local or...

Purpose: Extant research has integrated ambidexterity perspective into international business studies and calls for emerging market multinational enterprises (EM MNEs) to implement exploration and exploitation activities simultaneously in foreign markets. However, less attention has been paid...