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| Author: | Alós-Ferrer, Carlos Ania, Ana B. Schenk-Hoppé, Klaus Reiner |
| Title: | An evolutionary model of Bertrand oligopoly |
| Journal: | Games and Economic Behavior
2000 : OCT, VOL. 33:1, p. 1-19 |
| Index terms: | OLIGOPOLY EVOLUTIONARY GAMES ECONOMETRIC MODELS |
| Language: | eng |
| Abstract: | An evolutionary model of Bertrand competition in a market for a homogeneous good is presented. In the model identical firms face a technology with decreasing returns to scale. Only quoted prices and realized profits are included in the observation. The behaviour of companies is based on imitation of success and experimentation, and is formally modeled through behavioral principles. |
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