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Learning competitive market balance

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  • Sjur Didrik FlÅm

    (Economics Department, Bergen University, N-5008 NORWAY)

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.

Suggested Citation

  • Sjur Didrik FlÅm, 1995. "Learning competitive market balance," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 6(3), pages 511-518.
    • Handle: RePEc:spr:joecth:v:6:y:1995:i:3:p:511-518
    Note: Received: January 4, 1994; revised version February 23, 1994
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