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Learning about common and private values in oligopoly
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Bernhardt, Dan and Taub, Bart (2015) Learning about common and private values in oligopoly. The RAND Journal of Economics, Volume 46 (Number 1). pp. 66-85. doi:10.1111/1756-2171.12077
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Official URL: http://dx.doi.org/10.1111/1756-2171.12077
Abstract
We characterize a duopoly buffeted by demand and cost shocks. Firms learn about shocks from common observation, private observation, and noisy price signals. Firms internalize how outputs affect a rival's signal, and hence output. We distinguish how the nature of information —public versus private—and of what firms learn about—common versus private values—affect equilibrium outcomes. Firm outputs weigh private information about private values by more than common values. Thus, prices contain more information about private-value shocks.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||||
| Divisions: | Faculty of Social Sciences > Economics | ||||||||
| Library of Congress Subject Headings (LCSH): | Competition, Imperfect | ||||||||
| Journal or Publication Title: | The RAND Journal of Economics | ||||||||
| Publisher: | Wiley-Blackwell Publishing, Inc. | ||||||||
| ISSN: | 0741-6261 | ||||||||
| Official Date: | 2015 | ||||||||
| Dates: |
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| Volume: | Volume 46 | ||||||||
| Number: | Number 1 | ||||||||
| Number of Pages: | 20 | ||||||||
| Page Range: | pp. 66-85 | ||||||||
| DOI: | 10.1111/1756-2171.12077 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published |
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