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    UNSW, Maths and Stats, Sydney, Australia

    Emergent Effective Collusion in an Economy of Perfectly Rational Competitors

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    We consider a simple model of rational agents competing in a single product market described by simple linear demand curve. Contrary to accepted economic theory, the agents' production levels synchronise in the absence of conscious collusion, leading to a downward spiraling of market total production until the monopoly price level is realised. This is in stark contrast to the standard predictions of an ideal rational competitive market. Some form of randomness in the form of agent irrationality, or non-synchronous updates is needed to break this emergent "collusion"

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    Title : Emergent Effective Collusion in an Economy of Perfectly Rational Competitors
    Author(s) : Russell K Standish, Steve Keen
    Abstract : We consider a simple model of rational agents competing in a single product market described by simple linear demand curve. Contrary to accepted economic theory, the agents' production levels synchronise in the absence of conscious collusion, leading to a downward spiraling of market total production until the monopoly price level is realised. This is in stark contrast to the standard predictions of an ideal rational competitive market. Some form of randomness in the form of agent irrationality, or non-synchronous updates is needed to break this emergent "collusion"
    Subject : unspecified
    Area : Other
    Language : English
    Year : 2004

    Affiliations UNSW, Maths and Stats, Sydney, Australia
    Journal : Arxiv preprint nlin0411006
    Volume : 2004
    Issue : December
    Url : http://arxiv.org/abs/nlin/0411006

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