On the Stability of the Cournot Equilibrium under Competing Learning Rules

Abstract

We construct an evolutionary version of Theochars (1960)’s seminal work on the stability of equilibrium in multi-player quantity-setting oligopolies. Two sets of behavioral heuristics are investigated under …xed and endogenously evolving fractions: (myopic) Cournot …rms vs. Nash …rms and Cournot …rms vs. rational …rms. The analysis with evolutionary… (More)

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Cite this paper

@inproceedings{Hommes2011OnTS, title={On the Stability of the Cournot Equilibrium under Competing Learning Rules}, author={Cars H. Hommes and Marius I. Ocheay and Jan Tuinstraz}, year={2011} }