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首页> 外文期刊>Journal of Economic Dynamics and Control >Learning cycles in Bertrand competition with differentiated commodities and competing learning rules
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Learning cycles in Bertrand competition with differentiated commodities and competing learning rules

机译：Bertrand竞争中具有差异化商品和竞争学习规则的学习周期

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摘要

This paper stresses the importance of heterogeneity in learning. We consider a Bertrand oligopoly with firms using either least squares learning or gradient learning for determining the price. We demonstrate that convergence properties of the rules are strongly affected by heterogeneity. In particular, gradient learning may become unstable as the number of gradient learners increases. Endogenous choice between the learning rules may induce cyclical switching. Stable gradient learning gives higher average profit than least squares learning, making firms switch to gradient learning. This can destabilize gradient learning which, because of decreasing profits, makes firms switch back to least squares learning.
机译：本文强调了异质性在学习中的重要性。我们考虑使用最小二乘学习或梯度学习来确定价格的公司的Bertrand寡头垄断。我们证明了规则的收敛性受到异质性的强烈影响。特别地，随着梯度学习器的数量增加，梯度学习可能变得不稳定。学习规则之间的内生选择可能会引起周期性切换。稳定的梯度学习比最小二乘学习提供更高的平均利润，使公司转向梯度学习。这会破坏梯度学习的稳定性，而梯度学习由于利润减少而使企业改回最小二乘学习。

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