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首页> 外文期刊>Journal of Economic Dynamics and Control >Imitation and price competition in a differentiated market
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Imitation and price competition in a differentiated market

机译：差异化市场中的模仿和价格竞争

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摘要

We study the stable market outcome that evolves in a spatially differentiated market when price-competing firms choose actions by imitation of the most profitable firm. We compare and contrast the stable outcomes under two imitation procedures: one, where each firm immediately imitates the most profitable firm, and the other when a firm imitates another firm only if it is more profitable while being "sufficiently similar" (in context of the market segment it operates in) or "sufficiently close". In either case, the symmetric pure strategy Nash equilibrium is always a. stable outcome. However, when imitation of the most profitable firm is immediate and market differentiation is 'moderate', states with prices lower than the Nash equilibrium are also stable. In contrast, when imitation of the most profitable firm is more gradual and market differentiation is below a threshold, states with prices above the Nash equilibrium are also stable. Thus, while competitive evolutionary pressure in this imitation based model does result in the Nash equilibrium always being stable, other outcomes may be stable as well. Interestingly, the states that are stable under gradual imitation give the firms a higher profit than the stable states under immediate imitation. (C) 2017 Elsevier B.V. All rights reserved.
机译：我们研究当价格竞争公司通过模仿最赚钱的公司来选择行动时，在空间差异化市场中发展的稳定市场结果。我们比较和对比了两种模仿程序下的稳定结果：一种是每家公司立即模仿利润最高的公司，另一种是当一家公司模仿另一家公司（前提是该公司在“足够相似”的情况下利润更高）时（在这种情况下，它经营所在的细分市场）或“足够接近”。无论哪种情况，对称纯策略纳什均衡始终为a。结果稳定。但是，当立即模仿最赚钱的公司并且市场分化为“中等”时，价格低于纳什均衡的状态也会保持稳定。相反，当最赚钱的公司的模仿更为渐进并且市场差异化处于阈值以下时，价格高于纳什均衡的状态也将保持稳定。因此，尽管在这种基于模仿的模型中竞争性进化压力确实导致纳什均衡始终稳定，但其他结果也可能稳定。有趣的是，在逐步模仿下稳定的州比在立即模仿下稳定的州给企业带来更高的利润。 （C）2017 Elsevier B.V.保留所有权利。

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