IDEAS home Printed from https://ideas.repec.org/a/kap/compec/v19y2002i1p67-94.html
   My bibliography  Save this article

A Behavioural Learning Approach to the Dynamics of Prices

Author

Listed:
  • Brenner, Thomas

Abstract

The paper studies the dynamics of market prices under the assumption of behavioural learning by sellers and buyers. The buyers are assumed to be price takers who learn about choosing sellers and acceptable prices, whilst the sellers have the possibility to offer a fixed price or to make successive reductions and learn about adequate selling behaviour and adequate price levels. The learning process was simulated and compared to the game theoretic prediction under the assumption of rational agents. The main areas of interest of the analysis concern the questions of whether bargaining on prices becomes common and whether the dynamics of prices converges. Copyright 2002 by Kluwer Academic Publishers

Suggested Citation

  • Brenner, Thomas, 2002. "A Behavioural Learning Approach to the Dynamics of Prices," Computational Economics, Springer;Society for Computational Economics, vol. 19(1), pages 67-94, February.
    • Handle: RePEc:kap:compec:v:19:y:2002:i:1:p:67-94
    as

    Download full text from publisher

    File URL: http://journals.kluweronline.com/issn/0927-7099/contents
    Download Restriction: Access to the full text of the articles in this series is restricted.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lamieri, Marco & Bertacchini, Enrico, 2006. "What if Hayek goes shopping in the bazaar?," MPRA Paper 367, University Library of Munich, Germany, revised 21 Jun 2006.
    2. Hongjing Chen & Chong Lai & Hanlei Hu, 2024. "Kinetic Models for the Exchange of Production Factors in a Multi-agent Market," Computational Economics, Springer;Society for Computational Economics, vol. 63(6), pages 2559-2584, June.
    3. Eymann, Torsten & Streitberger, Werner & Reinicke, Michael & Freitag, Felix & Chacin, Pablo & Chao, Isaac & Schnizler, Björn & Veit, Daniel, 2007. "Preliminary specification and design documentation for software components to achieve catallaxy in computational systems," Bayreuth Reports on Information Systems Management 2, University of Bayreuth, Chair of Information Systems Management.
    4. Reinicke, Michael & Streitberger, Werner & Eymann, Torsten, 2008. "A scalability analysis of grid allocation mechanisms," Bayreuth Reports on Information Systems Management 31, University of Bayreuth, Chair of Information Systems Management.
    5. Alan Kirman & Sonia Moulet, 2008. "Impact de l'organisation du marché: Comparaison de la négociation de gré à gré et des enchères descendantes," Working Papers halshs-00349034, HAL.
    6. Moulet, Sonia & Rouchier, Juliette, 2008. "The influence of seller learning and time constraints on sequential bargaining in an artificial perishable goods market," Journal of Economic Dynamics and Control, Elsevier, vol. 32(7), pages 2322-2348, July.
    7. Veit, Daniel & Buss, Georg & Schnizler, Björn & Neumann, Dirk & Streitberger, Werner & Eymann, Torsten, 2007. "Theoretical and Computational Basis for CATNETS - Annual Report Year 3," Bayreuth Reports on Information Systems Management 23, University of Bayreuth, Chair of Information Systems Management.
    8. Eymann, Torsten & Streitberger, Werner & Veit, Daniel & Buss, Georg & Schnizler, Björn & Neumann, Dirk, 2006. "Theoretical and Computational Basis for CATNETS - Annual Report Year 2," Bayreuth Reports on Information Systems Management 9, University of Bayreuth, Chair of Information Systems Management.
    9. Darmon, Eric & Waldeck, Roger, 2005. "Convergence of reinforcement learning to Nash equilibrium: A search-market experiment," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 355(1), pages 119-130.
    10. Gabriel Galand, 2009. "The Neutrality of Money Revisited with a Bottom-Up Approach: Decentralisation, Limited Information and Bounded Rationality," Computational Economics, Springer;Society for Computational Economics, vol. 33(4), pages 337-360, May.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:compec:v:19:y:2002:i:1:p:67-94. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.