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- W2618290333 abstract "Abstract In this paper we study the adaptive behavior of firms which repeatedly have to make strategic production decisions. In a single good market the firms use own experience as well as information gathered by observing competitors to iteratively choose a technology out of a given set. In several simulations we show that a small but positive propensity to imitate is optimal for the firms yielding production efficiencies above 95% of the maximal value. Furthermore, we observe that in a competitive situation firms using optimal propensities to imitate outmatch pure imitators and non-imitators as well in production efficiency as in profits" @default.
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- W2618290333 date "1998-06-01" @default.
- W2618290333 modified "2023-09-25" @default.
- W2618290333 title "Choosing the Production Technology: Should Firms Imitate? *" @default.
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- W2618290333 doi "https://doi.org/10.1016/s1474-6670(17)40465-4" @default.
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