Experimentally observed imitation and cooperation in price competition on the circle
This paper reports an experiment on a location game, the so-called “Price competition on the circle.” There are n symmetric firms equidistantly located on a circle. Consumers are uniformly distributed. Each consumer buys one unit from that firm whose price, including the cost of transportation, is t...
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| Published in | Games and economic behavior Vol. 51; no. 1; pp. 171 - 192 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
Duluth
Elsevier Inc
01.04.2005
Elsevier Academic Press |
| Series | Games and Economic Behavior |
| Subjects | |
| Online Access | Get full text |
| ISSN | 0899-8256 1090-2473 |
| DOI | 10.1016/j.geb.2004.03.005 |
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| Abstract | This paper reports an experiment on a location game, the so-called “Price competition on the circle.” There are n symmetric firms equidistantly located on a circle. Consumers are uniformly distributed. Each consumer buys one unit from that firm whose price, including the cost of transportation, is the lowest, provided such a price is below a maximum willingness to pay. Experiments, extended over 200 periods, were run with 3, 4, and 5 participants. Subjects did not receive any information about the relationship between prices and profits, but they received feedback on prices and profits of two neighbors after each period. The evaluation compares predictions derived from imitation equilibrium and Cournot equilibrium, as well as symmetric joint-profit maximization. The results show that behavior is influenced by imitative tendencies and attempts to cooperate. |
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| AbstractList | This paper reports an experiment on a location game, the so-called "Price competition on the circle." There are n symmetric firms equidistantly located on a circle. Consumers are uniformly distributed. Each consumer buys one unit from that firm whose price, including the cost of transportation, is the lowest, provided such a price is below a maximum willingness to pay. Experiments, extended over 200 periods, were run with 3, 4, and 5 participants. Subjects did not receive any information about the relationship between prices and profits, but they received feedback on prices and profits of two neighbors after each period. The evaluation compares predictions derived from imitation equilibrium and Cournot equilibrium, as well as symmetric joint-profit maximization. The results show that behavior is influenced by imitative tendencies and attempts to cooperate. [PUBLICATION ABSTRACT] This paper reports an experiment on a location game, the so-called “Price competition on the circle.” There are n symmetric firms equidistantly located on a circle. Consumers are uniformly distributed. Each consumer buys one unit from that firm whose price, including the cost of transportation, is the lowest, provided such a price is below a maximum willingness to pay. Experiments, extended over 200 periods, were run with 3, 4, and 5 participants. Subjects did not receive any information about the relationship between prices and profits, but they received feedback on prices and profits of two neighbors after each period. The evaluation compares predictions derived from imitation equilibrium and Cournot equilibrium, as well as symmetric joint-profit maximization. The results show that behavior is influenced by imitative tendencies and attempts to cooperate. |
| Author | Apesteguia, Jose Selten, Reinhard |
| Author_xml | – sequence: 1 givenname: Reinhard surname: Selten fullname: Selten, Reinhard organization: Laboratorium für experimentelle Wirtschaftsforschung, University of Bonn, Adenauerallee 24-42, D-53113 Bonn, Germany – sequence: 2 givenname: Jose surname: Apesteguia fullname: Apesteguia, Jose email: josej.apesteguia@unavarra.es organization: Departmento de Economia, Universidad Publica de Navarra, Campus Arrosadia, 31006 Pamplona, Spain |
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| Snippet | This paper reports an experiment on a location game, the so-called “Price competition on the circle.” There are n symmetric firms equidistantly located on a... This paper reports an experiment on a location game, the so-called "Price competition on the circle." There are n symmetric firms equidistantly located on a... |
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| SubjectTerms | Competition Consumer behavior Consumers Cooperation Economic models Equilibrium Experiments Game theory Human behaviour Imitation Location Location of enterprises Market planning Market size Market structure Mathematical models Microeconomics Oligopoly Price competition Prices Profit maximization Profits Studies Willingness to pay |
| Title | Experimentally observed imitation and cooperation in price competition on the circle |
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