Learning competitive market balance

B-Tier
Journal: Economic Theory
Year: 1995
Volume: 6
Issue: 3
Pages: 511-518

Score contribution per author:

2.011 = (α=2.01 / 1 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We exhibit a quite natural, adaptive process generated by price-taking, noncooperative firms, supplying the same market. Under rather mild conditions, that process, being driven by marginal profits, converges to a market clearing, Cournot-Nash equilibrium. Namely, it suffices for convergence that cost functions be strictly convex and that the law of demand holds. Randomness in revenues and costs is accommodated.

Technical Details

RePEc Handle
repec:spr:joecth:v:6:y:1995:i:3:p:511-518
Journal Field
Theory
Author Count
1
Added to Database
2026-01-25