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• W2286044169 abstract "We offer theoretical and experimental evidence suggesting that social competition has a first order effect in low-information Cournot markets. Using data from a stylized laboratory experiment, we show that firms use average market profits as a reference point to assess their relative performance following a simple but powerful logic: earnings above the market reinforces their current choice; scoring below the market prompts dissatisfaction and experimentation with new quantities. This win-stay, lose-shift heuristics converges to the competitive outcome because the Walrasian quantity is the unique action that never yields profits below the average profits in the market. This prediction is neatly confirmed in the lab. Social competition leads to Walrasian quantities even when firms do not receive information about the most successful rival, and imitation is not possible." @default.
• W2286044169 created "2016-06-24" @default.
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• W2286044169 date "2015-08-01" @default.
• W2286044169 modified "2023-09-27" @default.
• W2286044169 title "Social competition in low-information Cournot markets" @default.
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