Emergent Effective Collusion in an Economy of Perfectly Rational Competitors

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dc.creatorStandish, Russell K.
dc.creatorKeen, Steve
dc.date2004-11-03
dc.date.accessioned2026-07-07T12:07:26Z
dc.date.available2026-07-07T12:07:26Z
dc.descriptionWe 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"
dc.descriptionTo appear in proceedings Complex Systems '04 and Complexity International
dc.identifierhttps://arxiv.org/abs/nlin/0411006
dc.identifierhttp://arxiv.org/abs/nlin/0411006
dc.identifier.urihttp://salesiana.dossiersoluciones.com/handle/123456789/208970
dc.subjectAdaptation and Self-Organizing Systems
dc.subjectGeneral Finance
dc.titleEmergent Effective Collusion in an Economy of Perfectly Rational Competitors
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