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A Model-to-model analysis of Bertrand competition
Vilà, Xavier (Vilà Carnicero)

Data: 2008
Resum: This paper studies a version of the classical Bertrand model in which consumers exhibit some strategic behavior when deciding from what seller they will buy. We use two related but different tools. Both consider a probabilistic learning (or evolutionary) mechanism, and in the two of them consumers' behavior influences the competition between the sellers. The results obtained show that, in general, developing some sort of loyalty is a good strategy for the buyers as it works in their best interest. First, we consider a learning procedure described by a deterministic dynamic system and, using strong simplifying assumptions, we can produce a description of the behavior of the process. Second, we use finite automata to represent the strategies played by the agents and an adaptive process based on genetic algorithms to simulate the stochastic process of learning. By doing so we can relax some of the strong assumptions used in the first approach and still obtain the same basic results. It is suggested that the limitations of the first approach (analytical) provide a good motivation for the second approach (Agent-Based). Indeed, although both approaches address the same problem, the use of Agent-Based computational techniques allows us to relax hypothesis and overcome the limitations of the analytical approach while obtaining the same basic results.
Nota: Número d'acord de subvenció SEJ2005-01481/ECON
Nota: Número d'acord de subvenció SGR2005-0712
Nota: Número d'acord de subvenció CSD2006-00016
Drets: Tots els drets reservats
Llengua: Anglès
Document: article ; recerca ; publishedVersion
Matèria: Jocs, Teoria de ; Economia matemàtica ; Economia ; Processament de dades ; Agent-based computational economics ; Model-to-model analysis ; Evolutionary game theory ; Imperfect competition
Publicat a: Journal of artificial societies and social simulation, Vol. 11 Núm. 2 (2008) , p. 185-205, ISSN 1460-7425

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