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dc.contributor.authorFriedman, Danielen
dc.contributor.authorHuck, Steffenen
dc.contributor.authorOprea, Ryanen
dc.contributor.authorWeidenholzer, Simonen
dc.date.accessioned2012-08-28-
dc.date.accessioned2012-09-28T12:41:32Z-
dc.date.available2012-09-28T12:41:32Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/64505-
dc.description.abstractWe study long-run learning in an experimental Cournot game with no explicit information about the payoff function. Subjects see only the quantities and payoffs of each oligopolist after every period. In line with theoretical predictions and previous experimental findings, duopolies and triopolies both reach highly competitive levels, with price approaching marginal cost within 50 periods. Using the new ConG software, we extend the horizon to 1,200 periods, far beyond that previously investigated. Already after 100 periods we observe a qualitative change in behavior, and quantity choices start to drop. Without pausing at the Cournot-Nash level quantities continue to drop, eventually reaching almost fully collusive levels in duopolies and often reaching deep into collusive territory for triopolies. Fitted models of individual adjustment suggest that subjects switch from imitation of the most profitable rival to other behavior that, intentionally or otherwise, facilitates collusion via effective punishment and forgiveness. Remarkably, subjects never learn the best-reply correspondence of the one-shot game. Our results suggest a new explanation for the emergence of cooperation.en
dc.language.isoengen
dc.publisher|aUniversity of California, Economics Department |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x701en
dc.subject.jelC73en
dc.subject.jelC91en
dc.subject.jelD43en
dc.subject.ddc330en
dc.subject.keywordcournot oligopolyen
dc.subject.keywordimitationen
dc.subject.keywordlearning dynamicsen
dc.subject.keywordcooperationen
dc.titleFrom imitation to collusion: Long-run learning in a low-information environment-
dc.typeWorking Paperen
dc.identifier.ppn722371071en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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