Bertrand and Walras equilibria in large economies

Article Abstract:

A foundation for the Walrasian hypothesis is attempted to account for the mechanism which determines prices and the non-strategic behavior of agents in a closed general equilibrium model. The approximate Bertrand equilibria of a large, finite economy with free entry for firms with small efficient scales is analyzed. The equivalence of the set of regular Walras equilibria of a constant returns to scale economy and the limits of approximate Bertrand equilibria is established.

Research, Competition (Economics)

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Unobserved heterogeneity and equilibrium: an experimental study of Bayesian and adaptive learning in normal form games

Article Abstract:

A well-designed experiment was carried out to decide among alternative learning models in games and to estimate the characteristics of heterogeneity in learning. A systematic structure of the heterogeneity has emerged from the experiment suggesting that it is important in developing the theory of learning in games.

Bayesian statistical decision theory, Bayesian analysis

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Coalition-proof supply function equilibria in oligopoly

Article Abstract:

A model in oligopoly where firms compete via supply functions equilibria is described. It is identified that the notion of coalition-proof supply function equilibrium is introduced.

Models

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