Imitation and the evolution of Walrasian behavior: Theoretically fragile but behaviorally robust
نویسندگان
چکیده
منابع مشابه
Imitation and the evolution of Walrasian behavior: Theoretically fragile but behaviorally robust
A well-known result by Vega-Redondo implies that in symmetric Cournot oligopoly, imitation leads to the Walrasian outcome where price equals marginal cost. In this paper we show that this result is not robust to the slightest asymmetry in xed costs. Instead of obtaining the Walrasian outcome as unique prediction, every outcome where agents choose identical actions will be played some fraction ...
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ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 2010
ISSN: 0022-0531
DOI: 10.1016/j.jet.2010.02.014