Abstract

A special dynamic learning process in n-person single-product oligopolies is examined with linear price and cost functions. It is assumed that all firms know the slope of the price function but are uncertain in its exact form. At each time period the firms compute their believed optimal production levels and the corresponding equilibrium prices and compare them to the actual price they receive from the market. Based on the discrepancy they adjust their assessment of the price function, which results in a dynamic process. The asymptotical properties are examined with continuous and discrete time scales, and in the presence of continuously distributed time lags in obtaining and implementing market price information.

주제어

#Dynamic oligopolies   #Stability   #Learning  

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