The impact of experience on prices and profits in experimental duopoly markets |
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| Institution: | 1. Burke Research Institute, Weill Cornell Medical College, New York, USA;2. School of Life Sciences, University of Nottingham, Nottingham, UK;3. Department of Translational Medicine and Cell Technology, Fraunhofer Research Institution for Marine Biotechnology and Cell Technology (EMB) and Institute for Medical and Marine Biotechnology, University of Lübeck, Lübeck, Germany;4. Department of Cellular & Molecular Medicine and Canadian Partnership for Stroke Recovery, University of Ottawa, Ottawa, ON, Canada;5. Institute of Clinical Medicine-Neurology, University of Eastern Finland, Kuopio, Finland;6. Department of Neurology, Neurocenter, University Hospital of Kuopio, Kuopio, Finland;1. Department of Mechanical Engineering, VNIT Nagpur, 440010, India;2. Oceaneering Technology, Chandigarh 160101, India;1. School of Economics and Management, Weifang University, Weifang, 261061, China;2. Business School, Huzhou University, Huzhou, 313000, China;3. School of Chemical and Environmental Engineering, Weifang University, Weifang, 261061, China;4. State Key Laboratory of High-efficiency Utilization of Coal and Green Chemical Engineering, Ningxia University, Yinchuan, 750021, China;1. School of Biological Sciences, University of Western Australia, 35 Stirling Hwy, Crawley, Perth, WA, 6009, Australia;2. CSIRO Land and Water, Private Bag 5, Wembley, Perth, WA, 6913, Australia;3. The Nature Conservancy, 4245 North Fairfax Drive, Suite 100 Arlington, VA, 22203, USA;4. School of Biological Sciences, University of Queensland, St Lucia, Brisbane, Qld, 4072, Australia;5. 22 Gouge St, Kalgoorlie, WA, 6430, Australia;1. Center for Development Research (ZEF), University of Bonn, Walter-Flex-Str. 3, 53227 Bonn, Germany;2. Center for International Forestry Research (CIFOR), C/o Centro Internacional de la Papa (CIP), Av. La Molina 1895, La Molina, Lima, Peru;1. China Jiliang University, Xueyuan RD., NO. 258, Xiasha High Education Zone, Hangzhou, Zhejiang Province, PR China;2. Hong Kong Baptist University, Kowloon Tong Kowloon, Hong Kong;3. Auckland University of Technology, 55 Wellesley Street East, Auckland Central, New Zealand |
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| Abstract: | Experimental posted price duopoly markets, wherein differentiated products were sold under conditions of incomplete information, were designed to explore the impact of experience on prices and profits. Two types of markets were run simultaneously. One type involved participants with previous experience in similar markets, while the other involved inexperienced subjects facing the same pricing decisions as their experienced counterparts. Probit analysis of the resulting data indicated significant relationships between experience and achieving equilibria predicted by tacit collusion. The results reinforce the growing realization that experience may be an important consideration in experimental tests of static market equilibria models. |
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