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| Author: | Brown Kruse, J. |
| Title: | Bertrand-Edgeworth competition in experimental markets |
| Journal: | Econometrica
1994 : MAR, VOL. 62:2, p. 343-371 |
| Index terms: | COMPETITION MARKETS ECONOMICS |
| Language: | eng |
| Abstract: | The Bertrand-Edgeworth (BE) model describes competition among a group of price setting sellers, each of whom faces a production capacity constraint. The authors report on laboratory experiments that were designed so as to capture essential features of BE competition. These experiments permit the authors to evaluate different theories of BE competition: Competitive equilibrium (CE) pricing, Edgeworth cycles in prices, mixed strategy Nash equilibrium (NE) in prices, and tacit collusion. |
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