Emergent Effective Collusion in an Economy of Perfectly Rational Competitors

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We consider a simple model of rational agents competing in a single product market described by simple linear demand curve. Contrary to accepted economic theory, the agents' production levels synchronise in the absence of conscious collusion, leading to a downward spiraling of market total production until the monopoly price level is realised. This is in stark contrast to the standard predictions of an ideal rational competitive market. Some form of randomness in the form of agent irrationality, or non-synchronous updates is needed to break this emergent "collusion"
To appear in proceedings Complex Systems '04 and Complexity International

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Adaptation and Self-Organizing Systems, General Finance

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http://salesiana.dossiersoluciones.com/handle/123456789/208970

Consulte el texto completo en el siguiente enlace:

https://arxiv.org/abs/nlin/0411006
 http://arxiv.org/abs/nlin/0411006

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arXiv