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Title: Testing oligopoly theory in the Lab
Authors: Georgantzis, Nikolaos
Editors: Ediciones Universidad de Valladolid
Issue Date: 2006
Citation: Anales de estudios económicos y empresariales, 2006, N.16, pags.37-74
Abstract: Previous experimental results are reviewed to address the extent to which oligopolistic equilibria are good predictors of behavior observed in labe ratory experiments with human agents. Although the theory is unrealistically demanding with respect to the agents7 informational and rational endowments, experimental results obtained in more realistic settings with subjects using trial-anderror decision mechanisms tend to confirm predictions of simple symmetric theoretical models. However, in the presence of more complex and/or asymmetric environments, systematic deviations are observed between theoretical predictions and experimental results. Certainly, more effort should be made by al1 parties involved to build a bridge between theoretical predictions and the behavior ob-served in the lab in order to assist both the theorist and the policy maker; the former to enrich theoretical models including the behavioral factors identified by experimentalists and the latter to gain insights on the strengths and weaknesses of theory in predicting human behavior in the marketplace
Keywords: Economía política
Economía de empresa
ISSN: 0213-7569
Language: spa
Rights: info:eu-repo/semantics/openAccess
Appears in Collections:Anales de estudios económicos y empresariales - 2006 - Num. 16

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