| タイトル |
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en
Dynamics of market structure driven by the degree of consumer's rationality
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| 作成者 |
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| アクセス権 |
open access |
| 主題 |
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Other
en
Market share dynamics
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Other
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Agent-based model
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Other
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Bounded rationality
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Other
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Zipf's law
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Other
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Gibrat's law
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Other
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Oligopoly
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NDC
331
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| 内容注記 |
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Abstract
en
We study a simple model of market share dynamics with boundedly rational consumers and firms interacting with each other. As the number of consumers is large, we employ a statistical description to represent firms' distribution of consumer share, which is characterized by a single parameter representing how rationally the mass of consumers pursue higher utility. As the boundedly rational firm does not know the shape of demand function it faces, it revises production and price so as to raise its profit with the aid of a simple reinforcement learning rule. Simulation results show that 1) three phases of market structure, i.e. the uniform-share phase, the oligopolistic phase, and the monopolistic phase, appear depending upon how rational consumers are, and 2) in an oligopolistic phase, the market-share distribution of firms follows Zipf's law and the growth-rate distribution of firms follows Gibrat's law, and 3) an oligopolistic phase is the best state of market in terms of consumers' utility but brings the minimum profit to the firms because of severe competition based on the moderate rationality of consumers.
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| 出版者 |
en
Elsevier B.V.
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| 日付 |
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| 言語 |
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| 資源タイプ |
journal article |
| 出版タイプ |
AM |
| 資源識別子 |
HDL
http://hdl.handle.net/2115/42608
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| 関連 |
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isVersionOf
DOI
https://doi.org/10.1016/j.physa.2009.10.040
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| 収録誌情報 |
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en
Physica A: Statistical Mechanics and its Applications
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巻389
号5
開始ページ1041
終了ページ1054
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| ファイル |
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| コンテンツ更新日時 |
2023-07-26 |
