Imitation of successful behaviour in cournot markets
Bibliographic Data
| ID | 9707930 |
|---|---|
| Authors | Antoni Bosch‐Domènech (0000-0002-8302-4416, Universitat Pompeu Fabra), Nicolaas J Vriend (Queen Mary University of London) |
| Year | 2003 |
| Volume | 113 |
| Issue | 487 |
| Pages | 495-524 |
| Publication date | 2003-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.00129 |
| OpenAlex | W2076904528 |
| Language | EN |
| Citations received | 2 |
| References cited | 18 |
In an experimental standard Cournot oligopoly we test the importance of models of behaviour characterised by imitation of successful behaviour, in particular when the environment be-comes more complex. We find that the players do not rely more on imitation in more de-manding environments. We explain that the different pattern of output decisions in such environments seems predominantly related to a general disorientation of the players, and more specifically to a significant decrease of best-responses. Imitation has played an important role in the recent literature on learning and adaptive behaviour in economics.1 Imitation seems easy and straightforward, it does not use particularly many cognitive skills and it does not require much in-formation. Imitation certainly qualifies as a ‘fast and frugal heuristics for making decisions ’ (Gigerenzer and Goldstein, 1996). Not surprisingly, conventional wis-dom asserts that imitation of the successful behaviour of others is likely in situa-tions with little information or understanding. Yet imitation, although deemed easy, need not be a realistic mode of behaviour. To assess the extent of imitative behaviour, we set up an experimental symmetric Cournot market under different
Art · Cournot competition · Economic history · Economics · Imitation · Law and economics · Mathematical economics · Political science · Queen (butterfly · Sociology · Classics · Economic theories and models · Experimental Behavioral Economics Studies · Game Theory and Applications · Psychology · Social Psychology
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,08 |
| Citation span | 2001 - 2011 (11) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |