On the convergence of genetic learning in a double auction market

Article Abstract:

The learning behavior of a population of buyers and sellers was analyzed using a scenario where members were randomly matched in each period to engage in a sealed bid double auction. Results showed that descriptions of the behavior of genetic algorithms in economic systems could be used to generate predictions about the long-run behavior of such algorithms in certain models. The results also showed how agents could coordinate on efficient bidding strategies in a sealed bid double auction without building any expectations of the future actions of opponents.

Models, Usage, Economic aspects, Algorithms, Auctions, Rational expectations (Economics)

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Learning by observation within the firm

Article Abstract:

The relationship between learning and a firm's stochastic production growth and wage decisions was investigated. Specifically, the workers' cooperative, the competitive firm and the wage-setting firm models of firm behavior were examined. The results show that both the individual and aggregate production function, which either validates the efficient wage hypothesis or has increasing returns to scale, is affected by the learning process and the various ways firms control it.

Organizational behavior

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Learning about variable demand in the long run

Article Abstract:

The optimal policy of a monopoly that is confronted with a fluctuating demand is discussed. A model is derived accordingly and shows how the monopoly differs from one that is characterized by the ability to gather information on demand and thus, has more control over prices. The model's monopoly is handicapped relative to the informed one even when demand only varies minimally.

Monopolies, Demand (Economics)

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