Arbeitspapier
Satisficing and prior-free optimality in price competition: a theoretical and experimental analysis
On a heterogeneous experimental oligopoly market, sellers choose a price, specify a set-valued prior-free conjecture about the others' behavior, and form their own profit-aspiration for each element of their conjecture. We formally define the concepts of satisficing and prior-free optimality and check if seller participants behave in accordance with them. We find that seller participants are satisficers, but fail to be prior-free optimal.
- Language
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Englisch
- Bibliographic citation
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Series: Jena Economic Research Papers ; No. 2008,067
- Classification
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Wirtschaft
Design of Experiments: Laboratory, Group Behavior
Noncooperative Games
Market Structure, Pricing, and Design: Oligopoly and Other Forms of Market Imperfection
- Subject
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Satisficing behavior
bounded rationality
triopoly
Oligopol
Preiswettbewerb
Beschränkte Rationalität
Theorie
- Event
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Geistige Schöpfung
- (who)
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Güth, Werner
Levati, Maria Vittoria
Ploner, Matteo
- Event
-
Veröffentlichung
- (who)
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Friedrich Schiller University Jena and Max Planck Institute of Economics
- (where)
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Jena
- (when)
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2008
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Güth, Werner
- Levati, Maria Vittoria
- Ploner, Matteo
- Friedrich Schiller University Jena and Max Planck Institute of Economics
Time of origin
- 2008
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