English, Article, Journal or magazine article edition: Satisficing and prior-free optimality in price competition: a theoretical and experimental analysis Werner Güth; M. Vittoria Levatia; Matteo Ploner

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Bookmark: http://trove.nla.gov.au/version/842
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Satisficing and prior-free optimality in price competition: a theoretical and experimental analysis
Author
  • Werner Güth
  • M. Vittoria Levatia
  • Matteo Ploner
Physical Description
  • preprint
Notes
  • 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.
  • Satisficing behavior, Bounded rationality, Triopoly
  • RePEc:jrp:jrpwrp:2008-067
Language
  • English
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