Bertrand-Edgeworth Competition in Experimental Markets
实验市场中的伯特兰—埃奇沃思竞争
The Bertrand-Edgeworth model describes competition among price setting sellers with production capacity constraints. The authors report on laboratory experiments that permit evaluation of different theories of Bertrand-Edgeworth competition: competitive pricing, Edgeworth cycles in prices, mixed strategy Nash equilibrium pricing, and tacit collusion. Each of the theories helps to explain some aspects of the data. However, none of these theories are completely consistent with…