Sluggish consumers: An evolutionary solution to the Bertrand paradox.

DOI10.1006/game.2001.0902zbMath1039.91052OpenAlexW2020102904MaRDI QIDQ1864809

Burkhard Hehenkamp

Publication date: 23 March 2003

Published in: Games and Economic Behavior (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1006/game.2001.0902

zbMATH Keywords

Bertrand equilibriummonopoly pricingmarginal cost pricinghomogeneous commodityimitation and experimentationsluggish consumers

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26) Consumer behavior, demand theory (91B42)

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Cites Work

• An evolutionary model of Bertrand oligopoly
• Competition when Consumers have Switching Costs: An Overview with Applications to Industrial Organization, Macroeconomics, and International Trade
• Informative Price Advertising in a Sequential Search Model
• Learning, Mutation, and Long Run Equilibria in Games
• The Evolution of Conventions
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