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Best Response Learning in a Cournot Framework
Best Response Learning in a Cournot Framework
This Demonstration shows how three companies can interact within a Cournot competition with noise and beliefs. It shows the effect of different beliefs regarding the reaction of the competitors and noise in the market. To illustrate this, the individual production levels, the individual profits, and the price level are plotted with respect to time. The interaction of the companies is modelled through a best response learning process.