کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098662 1376951 2013 20 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Learning cycles in Bertrand competition with differentiated commodities and competing learning rules
ترجمه فارسی عنوان
دوره های آموزشی در رقابت برتراند با کالاهای متمایز و قوانین یادگیری رقابتی
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
چکیده انگلیسی
This paper stresses the importance of heterogeneity in learning. We consider a Bertrand oligopoly with firms using either least squares learning or gradient learning for determining the price. We demonstrate that convergence properties of the rules are strongly affected by heterogeneity. In particular, gradient learning may become unstable as the number of gradient learners increases. Endogenous choice between the learning rules may induce cyclical switching. Stable gradient learning gives higher average profit than least squares learning, making firms switch to gradient learning. This can destabilize gradient learning which, because of decreasing profits, makes firms switch back to least squares learning.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 37, Issue 12, December 2013, Pages 2562-2581
نویسندگان
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