scholarly journals Number of Firms, Rationing, Matching, and Knowledge: A Comprehensive Study of Variations in Experimental Kreps–Scheinkman Markets

2016 ◽  
Vol 16 (3) ◽  
pp. 1273-1319
Author(s):  
Martin Jacobs
Keyword(s):  
Price Competition ◽  
Predictive Power ◽  
Market Mechanism ◽  
Cournot Model ◽  
Knowledge Condition ◽  
Capacity Choice ◽  
High Knowledge ◽  
Comprehensive Picture ◽  
Number Of Firms ◽  
Comprehensive Study

Abstract This study provides a comprehensive picture of experimental Kreps–Scheinkman markets with capacity choice in the first stage and subsequent price competition in the second. We conduct seven different treatments of such markets, varying the number of firms, demand rationing, subject matching, and subjects’ knowledge about the market mechanism. We find that only the number of firms has a persistent effect on capacity choices, whereas price choices are affected by both the number of firms and the rationing scheme. From the outset, subjects in the high-knowledge condition behave in the same way as subjects with low knowledge do in later periods after gaining experience. In all treatments, conduct is more competitive than the Cournot outcome, irrespective of the Nash equilibrium prediction. Nevertheless, the Cournot model does pack some predictive power. Under efficient demand rationing where the Cournot outcome is predicted, exact Cournot choices are more likely for both capacities and prices.

scholarly journals Equilibrium Further Studied for Combined System of Cournot and Bertrand: A Differential Approach

Complexity ◽  
2020 ◽  
Vol 2020 ◽  
pp. 1-11
Author(s):  
Bingyuan Gao ◽  
Yueping Du
Keyword(s):  
General Equilibrium ◽  
Equilibrium Point ◽  
Price Competition ◽  
Dynamic Equilibrium ◽  
Equilibrium Points ◽  
Cournot Model ◽  
Combined System ◽  
Quantity Competition ◽  
Bertrand Model ◽  
The Stability

In general, quantity competition and price competition exist simultaneously in a dynamic economy system. Whether it is quantity competition or price competition, when there are more than three companies in one market, the equilibrium points will become chaotic and are very difficult to be derived. This paper considers generally dynamic equilibrium points of combination of the Bertrand model and Cournot model. We analyze general equilibrium points of the Bertrand model and Cournot model, respectively. A general equilibrium point of the combination of the Cournot model and Bertrand model is further investigated in two cases. The theory of spatial agglomeration and intermediate value theorem are introduced. In addition, the stability of equilibrium points is further illustrated on celestial bodies motion. The results show that at least a general equilibrium point exists in combination of Cournot and Bertrand. Numerical simulations are given to support the research results.

scholarly journals Welfare-Improving Effect of a Small Number of Followers in a Stackelberg Model

2016 ◽  
Vol 16 (1) ◽  
pp. 243-265 ◽  
Author(s):  
Hiroaki Ino ◽  
Toshihiro Matsumura
Keyword(s):  
Optimal Number ◽  
Welfare Effect ◽  
Cournot Model ◽  
Oligopoly Model ◽  
Stackelberg Model ◽  
Number Of Firms

AbstractWe investigate a Stackelberg oligopoly model in which m leaders and $N - m$ followers compete. We find an important welfare effect that relates to anti-monopoly policies when we move from the Cournot model ($m = N$) to the Stackelberg model: Exchanging a small number of Cournot firms for Stackelberg followers always improves welfare under moderate conditions. This contrasts with the welfare effect that can reduce welfare when a small number of Cournot firms are exchanged for Stackelberg leaders. The key result behind this asymmetry is the contrasting limit results in the cases where m converges to N and m converges to 0. We also discuss the optimal number of leaders and the integer constraint for the number of firms.

scholarly journals Advertising Competition in Retail Markets

2010 ◽  
Vol 10 (1) ◽  
Author(s):  
Kyle Bagwell ◽  
Gea M Lee
Keyword(s):  
Price Competition ◽  
Consumer Welfare ◽  
Comparative Statics ◽  
Productive Efficiency ◽  
Production Costs ◽  
Retail Markets ◽  
Social Surplus ◽  
Price Advertising ◽  
Search Rule ◽  
Number Of Firms

Abstract We consider non-price advertising by retail firms that are privately informed as to their respective production costs. We construct an advertising equilibrium in which informed consumers use an advertising search rule whereby they buy from the highest-advertising firm. Consumers are rational in using the advertising search rule since the lowest-cost firm advertises the most and also selects the lowest price. Even though the advertising equilibrium facilitates productive efficiency, we establish conditions under which firms enjoy higher expected profit when advertising is banned. Consumer welfare falls in this case, however. Under free entry, social surplus is higher when advertising is allowed. In addition, we consider a benchmark model of price competition; we provide comparative-statics results with respect to the number of informed consumers, the number of firms and the distribution of costs; and we consider the possibility of sequential search.

Preempting the Entry of Near Perfect Substitutes

2020 ◽  
Author(s):  
Vilen Lipatov ◽  
Damien Neven ◽  
Georges Siotis
Keyword(s):  
Price Competition ◽  
Generic Version ◽  
Differentiated Products ◽  
Quality Competition ◽  
Pharmaceutical Drug ◽  
Market Shares ◽  
Number Of Firms

Abstract When firms compete on price and quality-enhancing promotion in a market for differentiated products, entry of a nearly perfect substitute to one of such products, for example, a generic version of a pharmaceutical drug, intensifies price competition but softens quality competition. We show that consumers are likely to gain from entry when quality is relatively unimportant for them, when business stealing generated by promotion is substantial, and when products are poor substitutes. We also show that entry may be more attractive for consumers in less concentrated markets, as a smaller number of firms and asymmetric market shares may be associated with higher quality.

SOME NOTES ON “AVICENNA AMONG MEDIEVAL JEWS”

2015 ◽  
Vol 25 (2) ◽  
pp. 249-277 ◽  
Author(s):  
Steven Harvey
Keyword(s):  
Recent Article ◽  
The Real ◽  
Comprehensive Picture ◽  
The Subject ◽  
East And West ◽  
Jewish Philosophy ◽  
Medieval Jewish Philosophy ◽  
The Many ◽  
Comprehensive Study ◽  
Medical Writings

AbstractIn an article published in Arabic Sciences and Philosophy 22 (2012), pp. 217–87, by Gad Freudenthal and Mauro Zonta, “Avicenna among Medieval Jews: the reception of Avicenna's philosophical, scientific and medical writings in Jewish cultures, East and West,” the authors promise to present “a preliminary but comprehensive picture of Avicenna's reception by medieval Jewish cultures.” As such, it seemed to offer the “comprehensive study” referred to as a desideratum by Zonta at the conclusion of his groundbreaking and very important survey, “Avicenna in medieval Jewish philosophy” (2002). Zonta explained that such a future “comprehensive study of the many and different interpretations given to his doctrines by Jewish thinkers would allow us to evaluate the real role played by [Avicenna] in medieval thought.” Surprisingly, the recent article adds little that is new to the previous studies of Zonta and others on the subject, and omits useful information found in them. The main point of the present notes is to try to correct several oversimplifications, questionable assumptions, and misleading statements in the article under consideration. Its purpose is to help readers of the article to attain a fuller and more accurate – although certainly not comprehensive – picture of the reception of Avicenna among medieval Jews.

scholarly journals Identification and Estimation of Online Price Competition with an Unknown Number of Firms

2015 ◽  
Author(s):  
Yonghong An ◽  
Michael Roy Baye ◽  
Yingyao Hu ◽  
John Morgan ◽  
Matthew Shum
Keyword(s):  
Price Competition ◽  
Unknown Number ◽  
Number Of Firms

scholarly journals Identification and Estimation of Online Price Competition With an Unknown Number of Firms

2015 ◽  
Vol 32 (1) ◽  
pp. 80-102 ◽  
Author(s):  
Yonghong An ◽  
Michael R. Baye ◽  
Yingyao Hu ◽  
John Morgan ◽  
Matt Shum
Keyword(s):  
Price Competition ◽  
Unknown Number ◽  
Number Of Firms

A comprehensive study of isomerization and protonation reactions in the photocycle of the photoactive yellow protein

2014 ◽  
Vol 16 (46) ◽  
pp. 25263-25272 ◽  
Author(s):  
Lili Wei ◽  
Hongjuan Wang ◽  
Xuebo Chen ◽  
Weihai Fang ◽  
Haobin Wang
Keyword(s):  
Photoactive Yellow Protein ◽  
Wide Range ◽  
Comprehensive Picture ◽  
Comprehensive Study

A comprehensive picture of the overall photocycle was obtained to reveal a wide range of structural signals in the photoactive yellow protein.

Progress In The Practical Application Of Automated Image Analysis To Tem Negatives

1977 ◽  
Vol 35 ◽  
pp. 214-217
Author(s):  
F. A. Heckman ◽  
E. Redman ◽  
J.E. Connolly
Keyword(s):  
Image Analysis ◽  
Image Quality ◽  
Exposure Time ◽  
Image Contrast ◽  
Automated Image Analysis ◽  
Practical Application ◽  
Factors Affecting ◽  
High Image Quality ◽  
Qualitative Evidence ◽  
Comprehensive Study

In our initial publication on this subject1) we reported results demonstrating that contrast is the most important factor in producing the high image quality required for reliable image analysis. We also listed the factors which enhance contrast in order of the experimentally determined magnitude of their effect. The two most powerful factors affecting image contrast attainable with sheet film are beam intensity and KV. At that time we had only qualitative evidence for the ranking of enhancing factors. Later we carried out the densitometric measurements which led to the results outlined below.Meaningful evaluations of the cause-effect relationships among the considerable number of variables in preparing EM negatives depend on doing things in a systematic way, varying only one parameter at a time. Unless otherwise noted, we adhered to the following procedure evolved during our comprehensive study:Philips EM-300; 30μ objective aperature; magnification 7000- 12000X, exposure time 1 second, anti-contamination device operating.

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